A car is registered in the name of father. It is run on hire @ Rs.15000 p.m in a Govt. office. The agreement is executed between Govt. office and father's son, who runs a travel agency with that single car. All payment are made in son's name and Form 16A for tax deduction is issued in the son's name (for TDS deducted u/s 194C). My questions are following:
1. Who will be assessable for car's income i.e. whether father or son?
If son will be assessable, then:
1.1. Can son claim depreciation and/or other expenses, as car is not registered in the name of son?
1.2. What will be rate of depreciation i.e. whether simple 15% or whether 30%, on the assumption that car is run on hire?
1.3. Whether maintenance of books will be necessary to claim depreciation and/or other expenses?
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