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Rental income on movabel assets.

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(Querist)
30 January 2023 What if private company purchases truck and provide it for rent to patnership firm, and receiving rent on that.

So, how to deal with this in income tax.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
31 January 2023 It can be treated as business income interest and depreciation and other expenses can be claimed against the rental income.
In case of ownership of upto 10 trucks 44AE can be opted.

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