can we claim depreciation on car on salary income as well rent income
12 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 24 July 2021
Please elaborate your query
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 24 July 2021
He means he has two incomes, salary and rent and wants to know if he can setoff depreciation against both of them.
Anoop srivastava
(223 Points)
Replied 24 July 2021
Not understood your query.. If it is for individuals then depreciation cannot be claimed unless the person has income from business and profession and car is used in that business
Tejas Gandhi
(143 Points)
Replied 24 July 2021
Yes I purchased car and I have salary income as well rent income so can I set off depreciation on car against salary & rent income
Anoop srivastava
(223 Points)
Replied 24 July 2021
Rent income is not an business income unless for commercial property
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 24 July 2021
Self employed can claim depreciation but not salaried individual it seems,
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 24 July 2021
| Originally posted by : Tejas Gandhi | ||
 |
Yes I purchased car and I have salary income as well rent income so can I set off depreciation on car against salary & rent income |  |
No, this is not possible
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 25 July 2021
Yes you can.
Rental Income from Car is other sources income and depreciation is an expense for car rental income. So you can claim it.
Rental Income from Car is other sources income and depreciation is an expense for car rental income. So you can claim it.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 25 July 2021
Allowed.
Read below article and case law for clarification
https://m.economictimes.com/is-car-rental-taxable/articleshow/879837.cms
Read below article and case law for clarification
https://m.economictimes.com/is-car-rental-taxable/articleshow/879837.cms
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 25 July 2021
This page expired and no longer exists.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 25 July 2021
Maybe that is for operating lease?
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
