19 August 2014
Respected Sir, In which head of income the following incomes of a property dealer should be taxable (selling & renting of property both are his main business)? Please correct me if I am wrong with satisfactory legal reasons. i) Rental income from property owned by him – Though property is held as stock in trade but income taxable u/h “House Property” u/s-28 ii) Commission income from property given on rent on behalf of its owner – Income u/h “PGBP” iii) Sale of owned property – Income u/h “PGBP” as block of assets as it is held as stock in trade & thus cannot be taxed u/h “Capital Gains” iv) Commission income from sale of property on behalf of seller / owner - Income u/h “PGBP”
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