Income from sale of building material

ITR 459 views 3 replies

Dear Sir,  I had purchased a plot and planned to construct a house on that plot. I had purchased some building material like stones, cement blocks, steel etc. However due to some reason I could not construct the house. I sold the building materials and got back some money. Should  I report this income in the ITR ? If yes, then under which head shall I report this income?  Iis it under Income from Other Sources ? Is such income taxable?

Thanks

Replies (3)

was this house being constructed for self use?

The house was planned for 1 ground floor to be used by my parents and 2 floors to be rented out.

It depends on the type of building materials.

 


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