A Enterprise dealing real estateactivities enters agreement with owners of Land for development of residential building on such land. After development the developer company let out the building. The developer company have all legal ownership rights on such buildings.
Will the Income (i.e., Rent received) from let out of properties be taxable under the head of Income from House Property or Profits and Gains from Business or Profession.
I think under Income from House Property since it is let out. But if the business of the developer is to give houses on rent instead of selling them, then under PGBP
Thanks Sankalp for a very crystal clear explanation.
Twenty Point Nine Five Ventures Private Limited
Noida
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Kolkata
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