First i would like to know that if i pay 45000/- to my father who is retired and not comes under tax commitment,will i get a tax rebate on thses 45000/- and how i should claim it if yes. Second, i have a car which i bought last year june 5, wether i get any tax rebate on depriciation and how.
RE:Pls advice
by Amitabh on Apr 11, 2007 12:09 PM Permalink
No tax benefit for Rs 45000.Depreciation on car is allowed only if you use it for business purposes and you have income taxable under the head PROFITS AND GAINS FROM BUSINESS AND PROFESSION.
