Ideal motor given to other co. on hire is it ios or business
This query is : Resolved
22 September 2016
Dear Professional,
My company is a manufacturing organization. Presently no production is running in the company i.e company is in loss position, company wish to give ideal motor car to other company on hire on that the company to be receive amount, this activity was already included in object clause.
Is this income comes under Business income head ?
(or)
Income from Other Sources ?
If it is IOS, is the business losses allowed to set off from Hire income on Motor car.
Please advice me on this issue.
My company is a manufacturing organization. Presently no production is running in the company i.e company is in loss position, company wish to give ideal motor car to other company on hire on that the company to be receive amount, this activity was already included in object clause.
Is this income comes under Business income head ?
(or)
Income from Other Sources ?
If it is IOS, is the business losses allowed to set off from Hire income on Motor car.
Please advice me on this issue.
CA R SEETHARAMAN
(Expert)
22 September 2016
It is a business income set off allowed.
Message likes :
1 times
Amol S Joglekar
(Expert)
22 September 2016
it is business income and can be set off against losses if any
Message likes :
1 times
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