let out of ideal capacity
This query is : Resolved
06 March 2009
a person has a proprietory buisness & he purchases a car & use this car as let out of ideal capacity & he earns an income by that way then in such a case where to show the dep. on car & other car expenses?
in above case suppose a car is damaged by an accident then where to show the amt. recd. from insurance co.& loss occured on that car?
in above case suppose a car is damaged by an accident then where to show the amt. recd. from insurance co.& loss occured on that car?
06 March 2009
In Such a case Income will be shown Under the head Income from other Sources and you can claim all expenditure related to such income u/s 57 which includes Depreciation part also.
And in case of accident, No treatment in income tax unless otherwise you show it as a B&P. and if you treat it as B&P you have to deduct the WDV of Block upto the extent of Insurance Claim received and if you have only one asset in the block then apply CG provisions
And in case of accident, No treatment in income tax unless otherwise you show it as a B&P. and if you treat it as B&P you have to deduct the WDV of Block upto the extent of Insurance Claim received and if you have only one asset in the block then apply CG provisions
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Tax on Amount transferred in HUF Account
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
