Can the rental income from the unsold flats of a builder be treated as its business income merely because the assessee has, in its wealth tax return, claimed that the unsold flats were stock-in-trade of its business ?
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Flat income in case of builder
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If flats shown as stock in trade, thei it should be treated as business income. Let's see others view also.
Income from House Property: - or Income from Business (?)
Azim ganj Estate (Pvt) Ltd V/s CIT
(2013) 352 ITR 82 (Calcutta) High Court
Construction Business - Rental Income from unsold flats Assessable as Income
from house property – SS.14 & 22.
| Originally posted by : sagu | ||
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Can the rental income from the unsold flats of a builder be treated as its business income merely because the assessee has, in its wealth tax return, claimed that the unsold flats were stock-in-trade of its business ? |  |
under house property. not business income
Similar kind of judgement has been passed in Mangla Homes(P) Ltd v ITO (2010) Taxation 511 (BoM)... in this case assess was in business of buying and selling the properties , flats , shopes etc and due to recession he had to let out some of its properties, hon court decided to consider rental income under income from house property
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