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Which Heads Income it Needs to Be Taxed

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 August 2010 Dear All,
One Company is under the process of Acquiring Property, During this process one of the flat acquired by the co. is "letout" & Earns the rental income from that flat

Now Question under consideration is that the income earned needs to be Taxable under Income from House Property Or Income From Buisness & Profession Or Other Sources

Pl. Reply Along with Explanation
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CA PRAMOD SARAOGI

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CA PRAMOD SARAOGI (Expert)
31 August 2010 The Flat Purchased by the company is the " Investment Property" as mentioned in AS 13. The Income earned is to be Taxed under the Head Income from House Property
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taxindiaconnect

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taxindiaconnect (Expert)
31 August 2010 Agreed.
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Querist : Anonymous

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Querist : Anonymous (Querist)
31 August 2010 Mr Pramod Saraogi

we are treating the property as an "Inventories"of the company not as investments

Then wat would be the treatment ?
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CA. Bikash Bogi

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CA. Bikash Bogi (Expert)
07 September 2010 It will not change the charector of property, even if shows under inventories....as clear from your question
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