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LOSS ON SALE OF CAR

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(Querist)
24 April 2010 LOSS ON SALE OF CAR IS SET OFF IN INDIVIDUAL INCOME
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
24 April 2010 it is short term capital loss if dep. ever has been claimed on it. otherwise it is a capital loss for which no deduction is allowed under the head business or profession.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
26 April 2010 it can be set off with same nature of ( STCG or LTCG) income only
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
26 April 2010 Agree , only inter head set off allowed for the case of capital loss.

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