Can private car use for hiring in public
santosh
(Querist) 15 February 2017
This query is : Resolved
can private Car Use for Hiring in Public and Car Plying Income show in I.Tax. File?
Please answer anyone
rajeev sharma
(Expert) 16 February 2017
No private car may not be used for commercial purpose nor any car rental income may be shown in income tax
Hemant Agarwal
(Expert) 17 February 2017
1. Self-Driven Private car CANNOT be used for "commercial /public" rental /hiring purposes and would violate the M.V.Act and the local Police Act.
2. HOWEVER Self-Driven Private car "CAN" be randomly used for self-sustenance for Corporates /Parties /etc.... and any income from such activity can be legally classified as "income from other sources", in the Income Tax Returns. Such activity would not classify as Rental /Hire of Private Car.
Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com
Sudhir Kumar, Advocate
(Expert) 17 February 2017
Mere insurance of the private car says tht the policy will be invalid if it vehicle is used for hire or reward.
Any loss to any passenger (injury or death) or material shall in such case be not borne by the insurer rather by the owner. Such compensation will in any case be more than cost of car and can even rise upto his while life savings.
