depreciation on salary & Rent income

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143 Points Posted on 24 July 2021

can we claim depreciation on car on salary income as well rent income

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On 24 July 2021 at 18:13 Report
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This discussion explores whether individuals can claim depreciation on a car against both salary and rental income. Generally, depreciation is only claimable against business income, not for salaried individuals. However, if the car is used for rental purposes, the rental income is treated as 'income from other sources', and depreciation can be claimed as an expense against this specific income stream, not against salary.

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Chartered Accountant
24588 Points Posted on 24 July 2021
Please elaborate your query
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On 24 July 2021 at 19:25
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My grammar is 💯 good I
7306 Points Posted on 24 July 2021

He means he has two incomes, salary and rent and wants to know if he can setoff depreciation against both of them. 

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On 24 July 2021 at 19:51
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223 Points Posted on 24 July 2021
Not understood your query.. If it is for individuals then depreciation cannot be claimed unless the person has income from business and profession and car is used in that business
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On 24 July 2021 at 20:09
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143 Points Posted on 24 July 2021
Yes I purchased car and I have salary income as well rent income so can I set off depreciation on car against salary & rent income
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On 24 July 2021 at 20:10
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223 Points Posted on 24 July 2021
Rent income is not an business income unless for commercial property
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On 24 July 2021 at 20:15
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My grammar is 💯 good I
7306 Points Posted on 24 July 2021

Self employed can claim depreciation but not salaried individual it seems,

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On 24 July 2021 at 20:17
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CMA
13117 Points Posted on 24 July 2021
Originally posted by : Tejas Gandhi
Yes I purchased car and I have salary income as well rent income so can I set off depreciation on car against salary & rent income

No, this is not possible

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On 24 July 2021 at 20:19
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Chartered Accountant
86505 Points Posted on 25 July 2021
Yes you can.
Rental Income from Car is other sources income and depreciation is an expense for car rental income. So you can claim it.
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On 25 July 2021 at 05:34
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Chartered Accountant
24588 Points Posted on 25 July 2021
It's not possible
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On 25 July 2021 at 05:52
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Chartered Accountant
86505 Points Posted on 25 July 2021
Allowed.

Read below article and case law for clarification

https://m.economictimes.com/is-car-rental-taxable/articleshow/879837.cms
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On 25 July 2021 at 06:06
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My grammar is 💯 good I
7306 Points Posted on 25 July 2021

This page expired and no longer exists.

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On 25 July 2021 at 09:33
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My grammar is 💯 good I
7306 Points Posted on 25 July 2021

Maybe that is for operating lease?

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On 25 July 2021 at 09:35

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