Income from leasing the motor vehicle
This query is : Resolved
kanchan gupta
(Querist)
24 July 2017
I am a salaried employee but from A.Y 2017-18 I have purchased a motor vehicle and leased out to a company on which company has deducted tax.My query is whether it is a income from other sources or income from business for me and which ITR form has to be submitted for this?
CA Shubhanshu Jain
(Expert)
24 July 2017
This income is to be taxable under head other sources because you are not indulged in the business of providing vehicles on lease so same is to be taxable under other sources and if total taxable income is less than Rs. 50 lakhs then ITR-1 is to be filed
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