Income from house property
This query is : Resolved
10 February 2012
hello sir gud evng,
Mr.A is an individual engaged in the business of constructing the houses and selling the same.
in F.Y 2011-12 Mr.A constructs 10 houses and sells 5 of them and profit from sale is taxable under the business or profession
Remaining 5 houses are neither let out nor sold out.
now my question whether the annual value of the Remaining 5 houses is TAXABLE or NOT?
if taxable under which head it is taxable?
Mr.A is an individual engaged in the business of constructing the houses and selling the same.
in F.Y 2011-12 Mr.A constructs 10 houses and sells 5 of them and profit from sale is taxable under the business or profession
Remaining 5 houses are neither let out nor sold out.
now my question whether the annual value of the Remaining 5 houses is TAXABLE or NOT?
if taxable under which head it is taxable?
10 February 2012
Should you be engaged in the business of construction of houses and selling the same.. the unsold houses shall be your closing stock of trading. The profit needs to be computed as per As -9 on the houses which are sold under the head profits and gains from business or profession .. there shall be no annual value towards the unsold houses.. as the same is Business head..
10 February 2012
sir can you please explain me your answer in terms of provisions of income tax act 1961
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
