can we claim depreciation on car on salary income as well rent income
Menu
depreciation on salary & Rent income
Replies (12)
Please elaborate your query
He means he has two incomes, salary and rent and wants to know if he can setoff depreciation against both of them.
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
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
Rent income is not an business income unless for commercial property
Self employed can claim depreciation but not salaried individual it seems,
| 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
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.
Rental Income from Car is other sources income and depreciation is an expense for car rental income. So you can claim it.
It's not possible
Allowed.
Read below article and case law for clarification
https://m.economictimes.com/is-car-rental-taxable/articleshow/879837.cms
Read below article and case law for clarification
https://m.economictimes.com/is-car-rental-taxable/articleshow/879837.cms
This page expired and no longer exists.
Maybe that is for operating lease?
Recent Topic
- FEMA treatment — USD gift from LRS-funded fo
- RSU and Schedule FA related
- ELIGIBILITY FOR COMPOSITION SCHEME
- Doubt regarding the purpose of Section 52(3) of Co
- 112 A Filling
- Long Term Capital Loss in ITR2
- LOAN INTEREST BENEFIT ON NEW TAX REGIME
- Retirement funds under new tax regime
- GTA Annexure V Non Compliance
- Calculation of Demand due to interest u/s 220(2)
Related Topics
CAclubindia
