Question

Under which head will income from letting on hire of machinery etc. be taxed if the same is not chargeable under the head 'Profits and Gains of Business and Profession
(a) Income from Other Sources
(b) Salaries
(c) Capital Gains (d) Income from House Property

Answer 1

Answer:

If an assessee lets on hire machinery, plant or furniture and also building and letting of building is inseparable from letting of machinery, plant or furniture, income from such letting is taxable as income from other sources, if the same is not chargeable to tax under the head “Profits and gains of business