Rental income taxability "business income" & "other sources"
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 August 2012
I am a salaried employee owning a car.
In the month of May - June 2012, a close relative of ours (uncle) made a holiday visit to India from UK where they are residing permanently,
Now, in India, they required a taxi car for visiting various tourist places in India.
Instead of hiring Taxi, they requested me to give my car for two months period to them for touring various places in India & for their convenience.
I agreed to do so & they used my car for two months for touring India.
Now while returning to UK they transferred Rs 30,000 into my account for using my car inspite my denial.
Kindly suggest the treatment of this Rs 30,000 in my ITR. Whether the same should be treated as:
-Business Income; or
-Other Sources
Kindly also quote the section for reference purpose.
Thanks
In the month of May - June 2012, a close relative of ours (uncle) made a holiday visit to India from UK where they are residing permanently,
Now, in India, they required a taxi car for visiting various tourist places in India.
Instead of hiring Taxi, they requested me to give my car for two months period to them for touring various places in India & for their convenience.
I agreed to do so & they used my car for two months for touring India.
Now while returning to UK they transferred Rs 30,000 into my account for using my car inspite my denial.
Kindly suggest the treatment of this Rs 30,000 in my ITR. Whether the same should be treated as:
-Business Income; or
-Other Sources
Kindly also quote the section for reference purpose.
Thanks
17 August 2012
Just show it as gift. It will be exempt from tax.
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 August 2012
Inviting other experts opinion also...
20 August 2012
Amount received is not consideration as hire charges, it is not income. Your relative has given Rs. 30000/- it will be exempt gift. Agreed with Mr. Siddharha
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