Income tax

This query is : Resolved

YAGNESH HASMUKH DAVE (Querist)
Follow

22 January 2015 I AM DOING THE BUSINESS OF BUILDERS COSNTRUCTING RESIDENTIAL UNITS AND COMMERCIAL UNITS AFTER COMPLETION CERTIFICATE OBTAINDED UNSOLD FLATS AND COMMERCIAL UNITS REMAIN UNSOLD AS ON 31/03/2012 AS AN STOCK WHICH ARE SOLD SUBSEQUENTLY.

THE INCOME TAX IS CONSIDERING THE SAID UNSOLD FLATS AND COMMERICIAL UNITS DEEMED AS LET OUT U/S 23(4)UNDER HOUSE PROPERTY INCOME AS A NOTIOANAL INCOME WHETHER INCOME TAX OFFICER ACTION OF DEEMED INCOME OF RENT IS CORRECT OR NOT

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

22 January 2015 Assessing Officer's view is NOT correct.

You need to PROVE beyond any doubt that the said flats are held as STOCK in TRADE.
AND
In spite of being reasonable in selling price, the same are not getting sold.

Message likes : 1 times

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

22 January 2015 the ans is no as you are having business of selling flats after making them so it is stock in trade where income from house property shall not be made applicable

Message likes : 1 times

Rupesh Jain

Rupesh Jain (Expert)
Follow

22 January 2015 ans is no due to you are doing the business of the house. it is stock.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

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

Anju Susan

Girdhar Harlalka

zafar chandwale

atul kumar soni

T E SOUNDARARAJAN

Subscribe Now

Income tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

GST CONSULTANT

CA Final

GST CONSULTANCY

Accountant

Manager- Finance and Compliance