Rahul Jain (Accountant) (316 Points)
27 July 2013Suppose an individual is earning income by way of Teaching tuitions and coaching, but his Income is Below Basic Exemption limit of Rs 200000. That person has one Motorcycle which he does not use for teaching since he teachs at his own home.
Will that individual get Deduction for depreciation on motorcycle since it is his personal asset?
If we have to show that asset and depreciation amount in ITR then where we have to show it in ITR 4?
nysrsp
(Be Well)
(39 Points)
Replied 27 July 2013
I believe it cannot be shown because it is not used. If it had been used, you can show Fuel expenses. Since you are below the Taxation limit, this will have no net impact on reducing your tax.
A.S TAXSOFT.
(SALE AND SUPPORT ENGG.)
(254 Points)
Replied 27 July 2013
This is not affect your return ,becuse u r all ready no tax liability.
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