18 July 2011
I have leased a car to a company on which I receive Rs. 100000 per Quarter as lease rent. The Company deducts 2% TDS. Can I claim depreciation on that leased car Plz guide me with Reference of Section as applicable and also let me know the head of Income tax under which it will be taxable.
18 July 2011
Yes. You can claim depreciation, repairs and maintenance and also other business related expenses from the lease rentals so received. This income shall be taxable under the head Profits and Gains of Business and Profession.
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