CHARTERED ACCOUNTANT
664 Points
Posted on 10 February 2012
hello friends gud evng,
Mr.A is an individual engaged in the business of constructing the houses and selling the same.
in F.Y 2011-12 Mr.A constructs 10 houses and sells 5 of them and profit from sale is taxable under the business or profession Remaining 5 houses are neither let out nor sold out.
now my question whether the annual value of the Remaining 5 houses is TAXABLE or NOT?
if taxable under which head it is taxable?