I am a salaried employee and purchased a car. Although I am using this car for personal purpose but I have also earned rental income from letting of car on hire.
Please clarify whether the income from car rentals be treated as "Income from other sources" or"Business Income"?
If you have planned to start your business also by way renting Cars apart from working, then it shuld be considered as your business income. You would also get deductio on account of expenses incurred such as petrol, drivers salary, maintenance etc..
CAclubindia
