Depreciation on assets given on rent?????

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 March 2012 can we claim depreciation on plant & machinery and furniture given on rent and rent received is shown under PGBP?????

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
Follow

01 April 2012 YES, YOU CAN CLAIM DEPRECIATION ON P& M AND F&f SINCE YOU ARE LEGAL OWNER OF THE ASSETS AND INCOME ON LETTING THEM ON HIRE CAN BE TAKEN AS INCOME.
PROVIDED YOU ARE IN THE BUSINESS OF LETTING THE F & F AND P& M ON HIRE.

Querist : Anonymous

Querist : Anonymous (Querist)

01 April 2012 thank u so much sir..but if actual object of business is not letting the F & F and P& M On Hire??????

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
Follow

01 April 2012 Than also you can claim depreciation provided you are the owner of the assets

Querist : Anonymous

Querist : Anonymous (Querist)

05 April 2012 sir could u please tell me the relevant section or case???????

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

08 April 2012 In case of leasing then it is a business income and section 32 is allowable.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Mitesh

bhagat ram goyal

Aastha Soral

Nehal Ambekar

Ashwin Tanna

Subscribe Now

Depreciation on assets given on rent?????

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Associate

U.S. Financial Reporting & Consolidation Manager

ICSI Trainees for 21 Months and Semi-Qualified CS

Financial Analyst - Remote Finance Expert

MIS Executive

CA ARTICLE

Article, CA & Paid Assistant Positions

Sr. Financial Analyst - Consolidation