if a person receive gross amount of rs 8500000 as rent of plant and machinery on which TDS Rs. 170000 matched with his 26AS. how to file his itr?
if it is shown under other income head then is there any option to claim expenses if not can we go with BP income?
5 Replies
Ashwin P. Gohil
(auditor)
(231 Points)
Replied 04 October 2018
it will be taxable under PGBP head you can claim depreciation on plant and machinery @ 15% and other related expenses to such p&m
Radhika Ajmera
(CA IN practice)
(163 Points)
Replied 05 October 2018
what are other related expenses as per my view only depreciation and interest on loan if any is deductable. what is other eligible expensea
Ashwin P. Gohil
(auditor)
(231 Points)
Replied 05 October 2018
repair and maintenance if met by owner and insurance expenses of p&m if any.
Radhika Ajmera
(CA IN practice)
(163 Points)
Replied 05 October 2018
insurance expenses I agree
but who will bear repair and maintenance expenses depends on the agreement between tenant and owner
but who will bear repair and maintenance expenses depends on the agreement between tenant and owner
Ashwin P. Gohil
(auditor)
(231 Points)
Replied 05 October 2018
yes r&m expenses depends on agreement
Recent Topics
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
Related Threads
CAclubindia
