Our Company has purchased furniture and given on rent to our sister concern
My query is the rent from furniture which we receive should be shown under income from house property of income from other sources and can we claim depreciation on furniture in both cases
16 November 2008
If the object of the company is leasing rent received ,in the instant case, is income from business thereby depreciation can be claimed u/s 32. Otherwise rent can be considered as income from other sources on which depreciation can be claimed u/s 57.
CAclubindia
