house property

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sndep (Querist)
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16 July 2010 1. how does real estate dealers show his house property(houses in his stock in trade) u/h HP .will only 1 house value be nil,other house will deemed to be let out.

2 .how far is true that house owning neither a trade nor a bussiness, if yes/no please tell me why.

Akhil Agrawal

Akhil Agrawal (Expert)
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16 July 2010 1. In case the house has been held as the SIT then there will be no Income u/house property. All income will come out to be the Business Income.

2. No this is not true. Just owning & selling will become the Business of the real estate agents.

CA.Pujah

CA.Pujah (Expert)
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16 July 2010 I would like to disagree here. House property whether held as stock in trade or otherwise will be taxable under the head IHP only, and not as business incomeI

CA.Pujah

CA.Pujah (Expert)
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16 July 2010 for complete & further clarification,
visit the following link

https://www.icai.org/resource_file/18882sm_dtl_finalnew_cp5.pdf

it's only icai resources i m quoting here, but there are other resources available too

sndep

sndep (Querist)
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24 July 2010 to
mr. pujah
thanku sir

CA.Pujah

CA.Pujah (Expert)
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26 July 2010 u'r welcome.
But, I am not Mr Pujah, but Ms. Pujah :)

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