Income from leasing motor vehicle (truck)

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Abhinav (Querist)
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30 March 2016 I have to file income tax return for an Individual.

Having PGBP income - Trading of Cloth

Now the person has bought a Truck and has given the same on rent.

My query is whether i should take it in PGBP or in other income?

If i record in other income then depriciation of same is to be mentioned in schedule of PM or not?

I am using java utility

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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30 March 2016 Show Income from Rent Income in P&L as indirect Income and No Depreciation.

Abhinav

Abhinav (Querist)
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30 March 2016 But y no depriciation?
As per Sec 32 depriciation is 213000 @30%

Abhinav

Abhinav (Querist)
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30 March 2016 Can i show in Other Sources>1 Income>c Rental Income from Machinery, Plants, buildings etc
and claim depriciation & interest expenses under sec 57

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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30 March 2016 you can do depreciate if you take truck as your business assets and prepare P&L for that but if you take only rent on truck then no depreciation allowed as expense.

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