Income from renting of car

This query is : Open

Ankit Patel (Querist)
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06 June 2016 Hi Everyone…

My friend is in doing business of purchase of Car and gives it to rent to someone for which he receives rent of Rs. 40000/- p.m. And he does not maintain books of account for hiring of car. He hire currently 3 cars on rental basis.
My Query is:-

1.) In which head income received from hiring of car is taxable.
2.) Which ITR should be filed ? He does not maintain books of accounts.

Please answer the Query…..

CA ABHAY GUPTA

CA ABHAY GUPTA (Expert)
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06 June 2016 income will be taxable under the head PGBP... ITR 4S will be file for this kind of income...

Ankit Patel

Ankit Patel (Querist)
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07 June 2016 But he is not cover in ITR 4S,

ITR-4S is applicable for those person who are carring business of plying, hiring or leasing goods carriages i.e.section 44AE.

He is not in the business of plying, hiring or leasing goods carriages, he just purchase car and give it to rent.

CA ABHAY GUPTA

CA ABHAY GUPTA (Expert)
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07 June 2016 who says u file under 44AE u can file under 44AD..

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Ankit Patel

Ankit Patel (Querist)
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07 June 2016 ITR-4S can serve my purpose for obtaining loan from bank. i.e. May Bank give loan to customer on the basis of ITR-4S

or ITR 4 is mandatory for obataining loan

CA ABHAY GUPTA

CA ABHAY GUPTA (Expert)
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07 June 2016 for obtaining loan form is not a criteria its income which help in availing loan...so there will be no issue if u file ur roi in itr 4s

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