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Other Income vs Business Income

Tax queries 693 views 20 replies
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13 Points Joined October 2022

If a person buys a car and puts it to rent, will it be considered business income or other income?

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On 02 March 2024 at 19:14 Report
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Profession Business
28196 Points Joined May 2017
Obviously business income
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On 02 March 2024 at 19:37
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13 Points Joined October 2022

plant and machinery are  classified in other income. why not a car?

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On 02 March 2024 at 20:43
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13 Points Joined October 2022

also what about IT equipment?

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On 02 March 2024 at 20:45
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Chartered Accountant
86505 Points Joined April 2011
Income from other sources
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On 02 March 2024 at 22:07
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Profession Business
28196 Points Joined May 2017
Other income vs business income
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On 02 March 2024 at 22:48
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Chartered Accountant
86505 Points Joined April 2011
We know this already @ sabyasachi mukherjee
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On 02 March 2024 at 23:13
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13 Points Joined October 2022

Is the final answer income from other source for things like car leasing and IT equipment leasing?

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On 03 March 2024 at 04:54
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
@ Amit Agarwal,

But, Your query is not clear...

What is that person's actual business...??

Is that car is his own use or company use...??

is that car is Own Board or T-Board...??

Also required some other clarity...??

Without clarity we can't reply assuming...


And You are start the query with Car Rent (without clarity) Also ask another question as same way like without clarity...
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On 03 March 2024 at 07:51
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13 Points Joined October 2022

The person is salaried. he wants to supplement his income by buying a car (or IT equipment) and leasing it to a company. Will this be treated as income from other sources?   

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On 03 March 2024 at 14:23
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Will this be treated as income from other sources?

Yes , it's can be shown under IFOS...
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On 03 March 2024 at 14:35
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Profession Business
28196 Points Joined May 2017
Here car is not plant and machinery
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On 03 March 2024 at 15:47
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Yes You are exactly correct Mr Sabyasachi Mukherjee Sirrrrrrrrr
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On 03 March 2024 at 18:18
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Profession Business
28196 Points Joined May 2017
It's not used for the purpose of producing finished goods
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On 03 March 2024 at 21:16
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
Yes You are exactly correct Mr Sabyasachi Mukherjee Sirrrrrrrrr
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On 03 March 2024 at 21:23

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