Income from house property

This query is : Resolved

PRADEEP REDDY (Querist)
Follow

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?

CA. Hari Kishan

CA. Hari Kishan (Expert)
Follow

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..

PRADEEP REDDY

PRADEEP REDDY (Querist)
Follow

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA Ravindra Jain

G.E.Sudarsan

BARUN PAL

Vinod Patil

Vishnu Agarwal

Subscribe Now

Income from house property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA