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
Replies (4)
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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