Rental income from unsold flat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2013
A company engaged in the business of constructing and selling the commercial premises. In one of the building, the company has some unsold units. Such units are given on long term lease ( 5 yrs). However, the said units would be ultimately sold in future. The company is paying the common area maintenance charges to the Society.
Whether such lease rental should be treated as income from house property or business income?
Whether such lease rental should be treated as income from house property or business income?
12 July 2013
Since it is business of assessee it becomes stock in trade and you recv rent by renting stock in trade in my opinion its income from business only.
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