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Other Income vs Business Income

Amit Agarwal (13 Points)

02 March 2024

If a person buys a car and puts it to rent, will it be considered business income or other income?

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20 Replies

sabyasachi mukherjee (27574 Points)
Replied 02 March 2024

Obviously business income

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Amit Agarwal (13 Points)
Replied 02 March 2024

plant and machinery are classified in other income. why not a car?

Amit Agarwal (13 Points)
Replied 02 March 2024

also what about IT equipment?

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 02 March 2024

Income from other sources

sabyasachi mukherjee (27574 Points)
Replied 02 March 2024

Other income vs business income

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CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 02 March 2024

We know this already @ sabyasachi mukherjee

Amit Agarwal (13 Points)
Replied 03 March 2024

Is the final answer income from other source for things like car leasing and IT equipment leasing?

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 03 March 2024

@ Amit Agarwal,

But, Your query is not clear...

What is that person's actual business...??

Is that car is his own use or company use...??

is that car is Own Board or T-Board...??

Also required some other clarity...??

Without clarity we can't reply assuming...

And You are start the query with Car Rent (without clarity) Also ask another question as same way like without clarity...

Amit Agarwal (13 Points)
Replied 03 March 2024

The person is salaried. he wants to supplement his income by buying a car (or IT equipment) and leasing it to a company. Will this be treated as income from other sources?