IT RETURN and Income Head

 

Our Pvt Ltd Company is inolved in Real estate activities with own or leased property. [This class includes buying, selling, renting and operating of self-owned or leased real estate such as apartment building and dwellings, non-residential buildings, developing and subdividing real estate into lots etc. Also included are development and sale of land and cemetery lots, operating of apartment hotels and residential mobile home sites.

 

Whether income from house property be treated as Income from Business & Profession or INCOME FROM HOUSE PROPERTY?

Replies (3)
Quick Summary
This discussion explores the classification of income generated from real estate activities, specifically whether it should be treated as 'Income from Business & Profession' or 'Income from House Property'. While recent finance bill amendments suggest classifying it under 'Income from House Property', the applicability of Supreme Court decisions like the Chennai properties case is also being considered.

Business income. however, recently, finance bill has made amendment to bring income from house property under income from house property head . but you can evaluate if decision of SC in case of Chennai properties can still be relied or not

Income from Business and Profession 

Not yet finalised

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