In case of Individual If only Income from Lease of Car to any company, after deducted Tds @ 2%, which ITR Form should be fill.
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Which itr should file for income from car lease to company?
Replies (2)
ITR-4 since you are giving a car on rent. It is a Professional Biz income.
One of my relative has put up his car on lease rental only (excluding maintenance & fuel which is borne by lessee). Kindly confirm how the income out of this lease rental will be taxed (employer has deducted 2% TDS also) in the hands of taxpayer (lessor). My queries are:
1) Whether this rental income will be taxed as per the tax slab of relative?
2) Can he claim depreciation of this car and if yes, what %.
3) Can the lessor claim insurance+registration cost as expenses (as the lessor has borne all these cost as per terms of lease)?
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