banner_ad

Query related to ITR-4

This query is : Resolved 
Profile Image

Profile Image

(Querist)
19 March 2010 One person is having a luxury bus and
he is also having a truck(heavy lorry)
in partnership with his freind.

His income doesn exceed the exemption
limit but he wants to file return.

Now, I have got a query as to how this
thing to be dealt with.

Should he consider his luxury car as vehicle as defined u/s 44AE? What should be done
about the truck which is in partnership of
50%?

Kindly reply urgently.

Bhargav
9879305799
Profile Image

CA Vijay Kumar Gupta

Profile Image

CA Vijay Kumar Gupta (Expert)
19 March 2010 sec.44AE is not applicable to luxury bus.
For Truck take 50% income as prescribed u/s 44AE if the truck is in joint name. If it is in the name of partnership firm, then file the return of partnership separately.
Profile Image

CA Ashok Kumar Sahu

Profile Image

CA Ashok Kumar Sahu (Expert)
19 March 2010 agree
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details