Loss on Sale of Asset

This query is : Resolved

Prashant (Querist)
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30 October 2009 Hi Friends,

Can any body tell me that loss on sale of asset (car) will be allowed for income tax computation or not.

Please reply asap

Prashant Sawant
Prsawant@otf.co.in
Cell No. 9969936359

CA Kapil Aggarwal

CA Kapil Aggarwal (Expert)
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30 October 2009 It will be allowed. But for individual adjustment will depend upon income source.

Satpal Singh

Satpal Singh (Expert)
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30 October 2009 If the entire block is sold then loss is a short term capital loss otherwise the sale value of car will reduce the WDV of the Block and then calculate the depreciation.

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