Mohd Khalid 16 October 2020
If X&Y are two brothers and they have 5 heavy vehicles and the owners of vehicles on papers are both X&Y.
If they both files their income tax return separately under sec 44AE then how they will show their income?
Is it necessary to make partnership deed b/w both of them?
ayusmita (Tax consultant) 16 October 2020
As per the provisions of section 44AE for heavy good vehicles income will be computed at the rate of rs 1000 per ton of gross vehicle weight for every month or part of a month during which the heavy good s vehicles is owned by taxpayers
my personal veiws are as per your saying that they owned by investing same amount and owned the five equally
then divide the income equally between them
as per the act it is calculated for every month hence a year has 12 months
divided by 2 we get 6 month each for two brothers simultaneously for each 5 vehicles
but make sure one brother don't get Feb all the times
my personal veiws I might be wrong
but make sure to do a partner ship deed between them dividing the .....