13 Points
Joined October 2022
Furniture is also included. It is not used for production of goods.
https://incometaxmanagement.com/Pages/Tax-Ready-Reckoner/GTI/Other-Sources/Income-from-letting-out-of-Machinery-Plant-Furniture-Section-56-2-ii.html
Is there an exhaustive list of items that can be leased out and income treated as income from other sources.
- Income from the rental of equipment, machinery or equipment owned by the taxpayer (Section 56(2)(ii)).
- Income from rental of machinery or furniture with buildings to which the rental is closely related (Section 56(2)(iii)).
https://www.bankbazaar.com/tax/section-56-of-income-tax-act.html#:~:text=Income%20from%20the%20rental%20of,56(2)(iii)).
I can treat information technology equipment such as laptop, server as equipment.