Income of huf from rent from mixture machine& rickshaw van
This query is : Resolved
05 April 2015
I had purchase 2nd hand mixture machine and rickshaw van in my huf and the same has being let out for rented..pl let me know the assess of rented under which head and also confirm the same income is income of the hug or not
Kaushik Joshi
(Expert)
05 April 2015
Rental Income shall be classified as Income from Business/Profession if letting out of vehicles is your business. You may claim deductions of expenses in relation to the vehicles against the said income from letting out of vehicles.
Kaushik Joshi
(Expert)
05 April 2015
Rental Income shall be classified as Income from Business/Profession if letting out of vehicles is your business. You may claim deductions of expenses in relation to the vehicles against the said income from letting out of vehicles. Also if the vehicles were purchased from funds of HUF then it shall form part of income from HUF.
CA Kanj Goel
(Expert)
05 April 2015
I agree with what joshi has stated.
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