if someone is engaged in business of letting out of houses then what is the nature of income ?
is it house property or PGBP as houses are held as stock in trade.
plz answer.
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House property or PGBP
Replies (3)
IT DEPENDS FACTS OF THE CASE AS PER THE OBJECTIVE OF COMPANY OR FIRM .IF MAIN OBJECT IS OT LETOUT THEN PGBP
Main object is letout ... but in my book (mk gupta ) it is given house property .
There are two case laws CHENNAI PROPERTIES & INVESTMENT LTD- PGBP
2nd is RAJ DADARKAR & ASSOCIATES- house property income
2nd is RAJ DADARKAR & ASSOCIATES- house property income
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