Income from Furniture Rent
This query is : Resolved
Ravi Kiran
(Querist)
16 November 2008
Dear Sir,
Our Company has purchased furniture and given on rent to our sister concern
My query is the rent from furniture which we receive should be shown under income from house property of income from other sources and can we claim depreciation on furniture in both cases
Regards
Ravi Konda
Our Company has purchased furniture and given on rent to our sister concern
My query is the rent from furniture which we receive should be shown under income from house property of income from other sources and can we claim depreciation on furniture in both cases
Regards
Ravi Konda
16 November 2008
If the object of the company is leasing rent received ,in the instant case, is income from business thereby depreciation can be claimed u/s 32. Otherwise rent can be considered as income from other sources on which depreciation can be claimed u/s 57.
17 November 2008
I agree with Mr. Warrier
17 November 2008
It should be treated as Income from Other Sources and depreciation be claimed as expense u/s 57
CA Tilak Raj Sharma
(Expert)
17 November 2008
I also agree with Mr. Warrier.
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