Machinery rent

796 views
User Avatar

Tax practitioner
335 Points Posted on 15 October 2020
machinery rental income
standerd deduction 30% is available or not when make a income tax filing
0 Reply Share Follow
On 15 October 2020 at 13:37 Report
Replies (3)
Quick Summary
Machinery rental income is classified as 'income from other sources' for tax purposes, not 'income from house property'. Consequently, the standard 30% deduction typically available for property income is not applicable here. However, you may still be eligible to claim depreciation on the machinery.

User Avatar

Tax consultant
5895 Points Posted on 15 October 2020
Machinery rent can't be treated as income from house property
2 Reply
On 15 October 2020 at 15:36
User Avatar

Bhopal
1741 Points Posted on 15 October 2020
IFOS.... No standard deduction allowed..
1 Reply
On 15 October 2020 at 22:45
User Avatar

363 Points Posted on 16 October 2020
Machinery rental lncome is a income from other sources. No standard deduction will be available. However you are eligible for Depreciation
1 Reply
On 16 October 2020 at 07:57

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Updating form 10-ee and Schedule FA if there is ch
  2. Sale of property in SLUM area ....SRA
  3. GST applicability on Shipping charges
  4. Outstanding Demand in Income Tax: How To Respond?
  5. LTCG on property sale
  6. Capital gains incidence due to bonus shares
  7. Amendment of Object Clause of Memorandum
  8. How Can I Request a Refund for an Accidental Airte
  9. TDS on salary paid in cash
  10. YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU

More recent discussions | Post

Related Topics :

Loading