If a person buys a car and puts it to rent, will it be considered business income or other income?
Amit Agarwal (13 Points)
02 March 2024If a person buys a car and puts it to rent, will it be considered business income or other income?
Amit Agarwal
(13 Points)
Replied 02 March 2024
plant and machinery are classified in other income. why not a car?
CA Rashmi Gandhi
(Chartered Accountant)
(86285 Points)
Replied 02 March 2024
CA Rashmi Gandhi
(Chartered Accountant)
(86285 Points)
Replied 02 March 2024
Amit Agarwal
(13 Points)
Replied 03 March 2024
Is the final answer income from other source for things like car leasing and IT equipment leasing?
RAJA P M
("Do the Right Thing...!!!")
(127542 Points)
Replied 03 March 2024
Amit Agarwal
(13 Points)
Replied 03 March 2024
The person is salaried. he wants to supplement his income by buying a car (or IT equipment) and leasing it to a company. Will this be treated as income from other sources?
RAJA P M
("Do the Right Thing...!!!")
(127542 Points)
Replied 03 March 2024
RAJA P M
("Do the Right Thing...!!!")
(127542 Points)
Replied 03 March 2024
sabyasachi mukherjee
(26320 Points)
Replied 03 March 2024
RAJA P M
("Do the Right Thing...!!!")
(127542 Points)
Replied 03 March 2024
CAclubindia
