Easy Office
Easy Office

To claim loss on sale of car in personal name

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
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
Profile Image

CA Suraj Lakhotia

Profile Image

CA Suraj Lakhotia (Expert)
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.
Avatar

Querist : Anonymous

Profile Image
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
Upgrade to CAclubindia Pro. Subscribe Now!


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro

Trending Online Classes

view all classess


Answer Query



Quick Links