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Rent on machinery

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(Querist)
26 June 2013 income from machinery belonging to assessee and let on hire is taxable as income from other sources, so the depreciation can be claim on such machinery????
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
26 June 2013 Yes, Depreciation can be claimed on the machinery given on rent.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
26 June 2013 Yes. Depreciation can be claimed irrespective of whether machinery is used in process or given on rent.
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