Querry
This query is : Resolved
kunal shah
(Querist)
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.
Amol S Joglekar
(Expert)
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)
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
