Nishtha Narielwala (Tax Consultant) (131 Points)
27 February 2013
Hi!
If an assessee owns 1 truck & runs 1 truck on hire, under the same business name, can the income from the owned truck be shown under section 44AE & that from the rented truck under section 44AD at the same time?
Kindly Help!
Thank you!
Nishtha Narielwala
(Tax Consultant)
(131 Points)
Replied 27 February 2013
@ Vishal: Section 44AE clearly states "owned or taken or hire purchase" so we cant show the income from the rented truck in 44AE. My query was whether or not we can use section 44AE & 44AD together for the same business.
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