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44ae section
if a person takes a commercial good vehicle on rent/lease during a financial year by rental agreement then can a person show income under 44 ae ? the person does not own vehicle during course of time.
Replies (7)
Quick Summary
No because he has not own vehicle
But sir took vehicle on rent /rental agreement ,and as of my info it comes under 44 ae?income from transportation ,
now point is whether its mandatory to own vehicle or not?
now point is whether its mandatory to own vehicle or not?
44AE applies when you own the vehicle and not when it is rented.
Can u share reference or act with this regard @ Roshni mam?🙏
Yes if any assessee wants to opt to disclose it's income during the financial then applicabilty of such section requires owning of vehicles, so assessee who has taken vehicle on rent then assessee can not opt Section 44AE to disclose its's income under presumption shceme, and regular slab rate shall be applicable shall be applicable
@ ramesh Patel read section 44AE itself...your I'll get the clear picture.
Such rental Income could be shown under 'Income from Other Sources'
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