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Nature of income
I have sale an asset under HP agreement and will transfer title of asset on the payment of last instalment by buyer. I have taken loan to purchase that asset and it is still outstanding but will pay before transfer to buyer. What will be my nature of income whether capital gain or renting income?
Replies (2)
If you are allowing someone to use an asset for a specified period for some charges, you are renting out. The ownership of the asset will not change hands. Here, the ownership of an asset is changing hands, and therefore, it cannot be rental income.
It will be renting income only not a capital gain....
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