Hi sir/mam,
Let me know Rent received by Developers and Builders for permanently letting of property, taxable under which head of income and under which grounds?
Thankyou in advance .
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Income chargeable for developers
Replies (3)
Sir,
In my view that If Land Devloper & Builders are main business the rent reveving, then is calculated Income from Business.
If rent recd. by Devloper & Builders are not main business the rent receiving then calculated is Income from House Property
If Devloper & Builders want to be calculated is MIsc. Income
I think it will be assessed under income from house property.
Wait for more replies.
Income from letting out of house propert is chargable under Income from House Property...even for developer, propert dealer etc.....
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