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
If this vehicle is in your business books than yes you can adjust this loss.
| 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
