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Taxation of Lease Income

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(Querist)
16 July 2008 What deductions are available for arriving at lease income? An individual has leased a car to a compnay and received a monthly lease rent after lease tax is deducted. If the asset is financed by that individual with borowed money, can he claim interest on such borroed money? If on the other hand, it is financed without any borrowing, is there any deduction available on some assumed interest rate?

Please quote relevant sections.
Thank you.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
16 July 2008 Notional interest ois not deductible. Only the actual interest is deductible
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pravin

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pravin (Querist)
20 July 2008 Thank you for your prompt reply.
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