If a person buys a car and puts it to rent, will it be considered business income or other income?
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Other Income vs Business Income
Replies (20)
Obviously business income
plant and machinery are classified in other income. why not a car?
also what about IT equipment?
Income from other sources
Other income vs business income
We know this already @ sabyasachi mukherjee
Is the final answer income from other source for things like car leasing and IT equipment leasing?
@ 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...
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...
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?
Will this be treated as income from other sources?
Yes , it's can be shown under IFOS...
Yes , it's can be shown under IFOS...
Here car is not plant and machinery
Yes You are exactly correct Mr Sabyasachi Mukherjee Sirrrrrrrrr
It's not used for the purpose of producing finished goods
Yes You are exactly correct Mr Sabyasachi Mukherjee Sirrrrrrrrr
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