let out of ideal capacity
This query is : Resolved
06 March 2009
a person has a proprietory buisness & he purchases a car & use this car as let out of ideal capacity & he earns an income by that way then in such a case where to show the dep. on car & other car expenses?
in above case suppose a car is damaged by an accident then where to show the amt. recd. from insurance co.& loss occured on that car?
in above case suppose a car is damaged by an accident then where to show the amt. recd. from insurance co.& loss occured on that car?
06 March 2009
In Such a case Income will be shown Under the head Income from other Sources and you can claim all expenditure related to such income u/s 57 which includes Depreciation part also.
And in case of accident, No treatment in income tax unless otherwise you show it as a B&P. and if you treat it as B&P you have to deduct the WDV of Block upto the extent of Insurance Claim received and if you have only one asset in the block then apply CG provisions
And in case of accident, No treatment in income tax unless otherwise you show it as a B&P. and if you treat it as B&P you have to deduct the WDV of Block upto the extent of Insurance Claim received and if you have only one asset in the block then apply CG provisions
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