Rental income taxability "business income" & "other sources"

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2012 I am a salaried employee owning a car.

In the month of May - June 2012, a close relative of ours (uncle) made a holiday visit to India from UK where they are residing permanently,

Now, in India, they required a taxi car for visiting various tourist places in India.

Instead of hiring Taxi, they requested me to give my car for two months period to them for touring various places in India & for their convenience.

I agreed to do so & they used my car for two months for touring India.

Now while returning to UK they transferred Rs 30,000 into my account for using my car inspite my denial.

Kindly suggest the treatment of this Rs 30,000 in my ITR. Whether the same should be treated as:

-Business Income; or
-Other Sources

Kindly also quote the section for reference purpose.

Thanks

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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17 August 2012 Just show it as gift. It will be exempt from tax.

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2012 Inviting other experts opinion also...

Prakash Kochar

Prakash Kochar (Expert)
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20 August 2012 Amount received is not consideration as hire charges, it is not income. Your relative has given Rs. 30000/- it will be exempt gift. Agreed with Mr. Siddharha

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