Querry
This query is : Resolved
06 November 2015
My client got a prize of Motor Car in housie at Club. To claim the Prize he has to pay all Government taxes. He has paid Rs. 4.25 Lacs to the club as various taxes. He is ready yo show housie prize as Income from other sources and pay @30% tax. But he wants to claim depreciation on full amount of car instead of Rs. 4.25 Lacs taxes amount bear by him. Can he do so? Please clarify with reason. I also insist all to refer Section 43 (1) of the Income tac act before posting their reply.
07 November 2015
43(1) itself is the reason to show the CAR at actual cost i.e. 4.25 lakh
(Some people claim that since they have now offered entire price of car as income from other sources, so they must get depreciation on full amount. It is not tenable in law)
(Some people claim that since they have now offered entire price of car as income from other sources, so they must get depreciation on full amount. It is not tenable in law)
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