Loss on sales of depreciable assets which is ceases to exit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2012
Dear Sir,
I have sold depreciable business assets and generate a loss and since block is ceases to exit, it seems to be a short term capital loss. Is this loss can be set off in the same year of taxable business income from which asset has been sold ?
I have sold depreciable business assets and generate a loss and since block is ceases to exit, it seems to be a short term capital loss. Is this loss can be set off in the same year of taxable business income from which asset has been sold ?
21 September 2012
yes you can set off with business income.
21 September 2012
It is a short term capital loss and such loss can be set off from either long term or short term capital gains.
This rule is applicable in current period and also during the period of carry forward. See sec 74.
This rule is applicable in current period and also during the period of carry forward. See sec 74.
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