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Income from business & profession

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 July 2012 hai..
Plz anyone help me..
my uncle is having two taxies
one he is using I mean he is driving
and another he gave for rent
he is receiveing rent from taxi that we can show as income from rent received
In income frm business n profession we can show is income as income from taxi and rent from taxi
he as taken these two taxies on loan
so can we take the emi and interest as deductions and what about depriciation
Plz reply me its urgent I have to file return
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CA Rahul Gupta

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CA Rahul Gupta (Expert)
28 July 2012 Rent received from other Taxi can show as Income from other sources.apart from this, he is using the other Taxi for its own use hence, should be shown as PGBP.If the assessee is maintaining Books of Account then You can claim depreciation on Taxi & Interest paid for the Taxi in Profit & Loss Account.
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