sathis (accounts executive) (311 Points)
15 March 2016Dear All,
I have bought new car in FY 2011-2012 by loan purchase of value of Rs.3.5 Lacs and registered T Board. I'm salaried employee.
Car Rental Income received from 2011-2012,
Can you please how to income tax calculation and which form have to file i.e.ITR I, ITR-V?
Car sold in 2014-2015. How to calculate deporeciation?
Its short term capital gain or?
Please help....very urgent...
Advance thanks to all experts..
Amit M Bafna
(74 Points)
Replied 15 March 2016
you can file ITR IV.depreciation should be calculated @ 15% from 2010-11 to 2013-14.Car rental charges received to be declared under head Business and profession.If you provide sale value of car i can ascertian weather it is business loss or short term capital gain
sathis
(accounts executive)
(311 Points)
Replied 15 March 2016
Dear All, I have bought new car in FY 2011-2012 by loan purchase of value of Rs.3.5 Lacs and registered T Board. I'm salaried employee. Car Rental Income received from 2011-2012, Can you please how to income tax calculation and which form have to file i.e.ITR I, ITR-V? Car sold in 2014-2015. How to calculate deporeciation? Its short term capital gain or? Please help....very urgent...
Where I shown vehicle service expenses and insurance amount in Income tax calculation.
Please provide Excel sheet..
Advance thanks to all experts..
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 15 March 2016
SALMAN PATEL
(2 Points)
Replied 04 June 2019
CAclubindia
