Nature of income
Karthik Mehta (Student) (46 Points)
13 August 2013Karthik Mehta (Student) (46 Points)
13 August 2013
Mihir
(Wealth Manager)
(5293 Points)
Replied 13 August 2013
If you are allowing someone to use an asset for a specified period for some charges, you are renting out. The ownership of the asset will not change hands. Here, the ownership of an asset is changing hands, and therefore, it cannot be rental income.
Chinnu Raj
(CA Final Student B.Com)
(1067 Points)
Replied 13 August 2013
It will be renting income only not a capital gain....
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