To claim loss on sale of car in personal name
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 October 2010
Dear Sir/ Madam
I have a Car worth Rs. 10,00,000/- in my personal name. Now I want to transfer the same at Rs. 8,00,000/- to my pvt. company.
Can I claim the loss on sale of Car in my personal file. Will it be allowable by Income Tax department.
What will be the situation if I transfer the car in profit. Will profit be taxable in my personal file.
Regarding depreciation, I think Depreciation is not allowable in personal file. Am I Corrrect
Thanks In Advance
Regards
I have a Car worth Rs. 10,00,000/- in my personal name. Now I want to transfer the same at Rs. 8,00,000/- to my pvt. company.
Can I claim the loss on sale of Car in my personal file. Will it be allowable by Income Tax department.
What will be the situation if I transfer the car in profit. Will profit be taxable in my personal file.
Regarding depreciation, I think Depreciation is not allowable in personal file. Am I Corrrect
Thanks In Advance
Regards
09 October 2010
Vehicle used for Personal purpose is not a capital asset. Hence neither gain on sale is taxed nor loss on sale can be claimed.
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 October 2010
Then sir is it so that the loss on sale of car will be adjusted in my capital or Drawings, and not in P& L account
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