I am a practicing Chartered accountant. One of my client is in medical profession having Block of Asset with depreciation rate @ 15 % amounting to Rs. 5,00,000/- (WDV as on 01/04/2015)) including one car with WDV of Rs. 4,50,000/- and medical equipments of Rs. 50,000/- . He sold car during the year for Rs. 2,50,000/-. Please suggest me the treatment for loss on sale of car.
The Assessee do not want to Write-off medical equipments completely and want that loss on sale of car to be claimed as expenditure. Please guide.
CAclubindia
