EASYOFFICE
EASYOFFICE

Taxation of Lease Income

This query is : Resolved 

16 July 2008 What deductions are available for arriving at lease income? An individual has leased a car to a compnay and received a monthly lease rent after lease tax is deducted. If the asset is financed by that individual with borowed money, can he claim interest on such borroed money? If on the other hand, it is financed without any borrowing, is there any deduction available on some assumed interest rate?

Please quote relevant sections.
Thank you.

16 July 2008 Notional interest ois not deductible. Only the actual interest is deductible

20 July 2008 Thank you for your prompt reply.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries