C Suresh Krishna (Sales Tax & Excise Professional) (51 Points)
28 January 2011I have purchase "Vehicle Minidoor" for public transport, but failed and sold the same after 2.5 years. now after caculating i have loss. My question is "This loss will cover in buisness Loss or can i adjust with my long term profit" kindly help it very urgent
regards
C.Suresh Krishna
Pankaj Arora
(Learner)
(3134 Points)
Replied 28 January 2011
If this vehicle is in your business books than yes you can adjust this loss.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 28 January 2011
| Originally posted by : C Suresh Krishna | ||
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I have purchase "Vehicle Minidoor" for public transport, but failed and sold the same after 2.5 years. now after caculating i have loss. My question is "This loss will cover in buisness Loss or can i adjust with my long term profit" kindly help it very urgent regards C.Suresh Krishna |
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used for public vehicle means commercial utilization , then u must have availed depriciation on it, and set if off in past years from operating profit.
you can book it as business loss if above para is satisfied.
CAclubindia
