Taxability of Car given on rent
This query is : Resolved
26 November 2010
dear all,
In case of a car given on rent to call centre, how will it be taxed? I think it will not come under 44AE as its not used for goods carriage.. will the rent recieved be taxed under IOS? What all kinds of expenes can be claimed against it(interest on loan taken to buy car, petrol expenses)? OR can the rent recieved on car be consider as business income(assesee has other business) and expenses charged against it?..treating it as business income option m considering coz there is only one car.. pls help..
In case of a car given on rent to call centre, how will it be taxed? I think it will not come under 44AE as its not used for goods carriage.. will the rent recieved be taxed under IOS? What all kinds of expenes can be claimed against it(interest on loan taken to buy car, petrol expenses)? OR can the rent recieved on car be consider as business income(assesee has other business) and expenses charged against it?..treating it as business income option m considering coz there is only one car.. pls help..
CA Navin Jain
(Expert)
26 November 2010
treat the business income
Message likes :
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CA.ViVeK M ACA
(Expert)
26 November 2010
The income earned from Plying and hiring and leasing shall be treated as Business income and All the expense from Sec 30 to 36 as well as sec 37 covered expense can be claimed to be the deduction
Message likes :
2 times
26 November 2010
thanx.. but should it be shown as seperate business.. at present the assessee has printing business..
Aditya Maheshwari
(Expert)
26 November 2010
receipts could be should differently in the P & L A/c
CA.ViVeK M ACA
(Expert)
26 November 2010
All the receipts shall be shown separatly and business income required to be computed differently
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