Income from leasing motor vehicle (truck)
This query is : Resolved
30 March 2016
I have to file income tax return for an Individual.
Having PGBP income - Trading of Cloth
Now the person has bought a Truck and has given the same on rent.
My query is whether i should take it in PGBP or in other income?
If i record in other income then depriciation of same is to be mentioned in schedule of PM or not?
I am using java utility
Having PGBP income - Trading of Cloth
Now the person has bought a Truck and has given the same on rent.
My query is whether i should take it in PGBP or in other income?
If i record in other income then depriciation of same is to be mentioned in schedule of PM or not?
I am using java utility
30 March 2016
Show Income from Rent Income in P&L as indirect Income and No Depreciation.
30 March 2016
But y no depriciation?
As per Sec 32 depriciation is 213000 @30%
As per Sec 32 depriciation is 213000 @30%
30 March 2016
Can i show in Other Sources>1 Income>c Rental Income from Machinery, Plants, buildings etc
and claim depriciation & interest expenses under sec 57
and claim depriciation & interest expenses under sec 57
30 March 2016
you can do depreciate if you take truck as your business assets and prepare P&L for that but if you take only rent on truck then no depreciation allowed as expense.
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