Tax treatment of loss on sale of personal use car

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2014 A Client having a business income.

He occurred loss on sale of his personal car.

Whether this loss was claim against normal income or LTCG & STCG

Please carlify

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 February 2014 Business Asset:
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In case there is no other asset in the block the loss suffered is a short term capital loss.
.
Personal Asset
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The loss has to be debited to Capital Account in case the car has not been used for business purpose.
.