income by hiring out

This query is : Resolved

chetan (Querist)
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06 March 2009 a person has one motor car & he earns income by hiring out that car then in such a case such income will be shown in income from other sources?
if this is true & that person has one proprietory buisness also then the dep. on that car will be added in drawing?

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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06 March 2009 Income either will be taxable as business income or income from other sources.

He can also claim depreciation u/s 57 if the income is taxable under the head other sources.

Dep. will not be added in drawing.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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06 March 2009 If the person has one business that does not mean that income from other businesses like hiring of taxies will be come under other sources.

It can be taxable as business income.

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