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Taxability of Car given on rent

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(Querist)
26 November 2010 dear all,
In case of a car given on rent to call centre, how will it be taxed? I think it will not come under 44AE as its not used for goods carriage.. will the rent recieved be taxed under IOS? What all kinds of expenes can be claimed against it(interest on loan taken to buy car, petrol expenses)? OR can the rent recieved on car be consider as business income(assesee has other business) and expenses charged against it?..treating it as business income option m considering coz there is only one car.. pls help..
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CA Navin Jain

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CA Navin Jain (Expert)
26 November 2010 treat the business income
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
26 November 2010 The income earned from Plying and hiring and leasing shall be treated as Business income and All the expense from Sec 30 to 36 as well as sec 37 covered expense can be claimed to be the deduction
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nilesh

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nilesh (Querist)
26 November 2010 thanx.. but should it be shown as seperate business.. at present the assessee has printing business..
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
26 November 2010 receipts could be should differently in the P & L A/c
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
26 November 2010 All the receipts shall be shown separatly and business income required to be computed differently
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