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Depreciation on assets given on rent?????

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Querist : Anonymous

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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?????
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HUZAIFA HUSSAIN

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HUZAIFA HUSSAIN (Expert)
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.
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Querist : Anonymous

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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??????
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HUZAIFA HUSSAIN

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HUZAIFA HUSSAIN (Expert)
01 April 2012 Than also you can claim depreciation provided you are the owner of the assets
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Querist : Anonymous

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Querist : Anonymous (Querist)
05 April 2012 sir could u please tell me the relevant section or case???????
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
08 April 2012 In case of leasing then it is a business income and section 32 is allowable.
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