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Section 44AE
if any person having 11 trucks from them 4 is own Name and other 7 is of another persons Name than how to show his income as per section 44AE
Replies (5)
Section 44AE..... applicable over 4 trucks only...
For other trucks, it will be business income.
7 is from other persons name... how it will come as his income?please clarify my doubt friends...
as per my opinion section 44AE is applicable if assessee is having income from hiring of less than 10 trucks , however ownership in this case need not be legal ownership , it must be construed as used for the purpose of business , that means assessee need not be legal owner.
However , in this case ,since assessee used more than 10 trucks for business, the said benefit may not be applicable
However , in this case ,since assessee used more than 10 trucks for business, the said benefit may not be applicable
if it is less than 10 trucks and even though he is not the owner but he is using it, it comes under 44AE ... thankyou for yr clarifications
in my opinion he is eligible u/s 44AE but again the same may be disputed by assessing officer.
It is all about interpretation of law
It is all about interpretation of law
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