Query related to ITR-4

This query is : Resolved

Bhargav (Querist)
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19 March 2010 One person is having a luxury bus and
he is also having a truck(heavy lorry)
in partnership with his freind.

His income doesn exceed the exemption
limit but he wants to file return.

Now, I have got a query as to how this
thing to be dealt with.

Should he consider his luxury car as vehicle as defined u/s 44AE? What should be done
about the truck which is in partnership of
50%?

Kindly reply urgently.

Bhargav
9879305799

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)
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19 March 2010 sec.44AE is not applicable to luxury bus.
For Truck take 50% income as prescribed u/s 44AE if the truck is in joint name. If it is in the name of partnership firm, then file the return of partnership separately.