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Income from Furniture Rent

This query is : Resolved 
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(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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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CA Shailesh +91 9393926464

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CA Shailesh +91 9393926464 (Expert)
17 November 2008 I agree with Mr. Warrier
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
17 November 2008 It should be treated as Income from Other Sources and depreciation be claimed as expense u/s 57
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
17 November 2008 I also agree with Mr. Warrier.
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