44ae & 44ad

This query is : Resolved

Nishtha Narielwala (Querist)
Follow

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!

Ankit

Ankit (Expert)
Follow

27 February 2013 Dear Nishtha,

I think it should be allowed since there is no specific restriction to availing of 44AD an AE together.

the restriction is only in availing of deduction under sections 30-38

But if the truck is taken on hire purchase, then it is deemed to be owned by the assessee and hence, the deduction under 44AE should be taken.

- Ankit

Nishtha Narielwala

Nishtha Narielwala (Querist)
Follow

27 February 2013 Thank u Ankit!
The other truck is not taken on hire purchase the assessee pays monthly rentals for it!

Ankit

Ankit (Expert)
Follow

27 February 2013 You are welcome Nishtha,

If that is case...then you can claim both 44AD and 44AE together since there is no restriction in the Act on doing so.

- Ankit

Message likes : 1 times