Topic:Income from house property ?
Kinjal JainPosted on 24th September,2022 10:45 AM
Ram Builders & Developers is the sole-proprietorship concern of Mr. Ram. The main business of the concern is construction, development and sale of residential and commercial units. Ram Builders & Developers developed a project named Luxuria Heaven, which has both residential and commercial units with its own funds. It obtained certificate of completion for the said project with effect from 31/03/2021. Ram sold majority of its residential units and commercial units in the F.Y.2021 -22. However, around 30 residential units and 15 commercial units were held by him as stock in trade as on 31.3.2022.
While computing the total income of Mr. Ram, the income from residential and commercial units let out during the P.Y.2021 -22 will be taxed under head:
a) Income from house property
b) Profits and gains of business or profession
c) Income from let out residential units will be taxed under the head “Income from house property” and income from let out commercial units will be taxed under the head “Profits and gains of business or profession”
d) Income from other source
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CHANDER Mohan Sharma says Replied on 14th November,2022 10:23 PM
a under section 23(5)
CHANDER Mohan Sharma says Replied on 14th November,2022 10:22 PM
a
Sajjad says Replied on 30th September,2022 05:21 PM
b
ratan says Replied on 30th September,2022 09:18 AM
b
Kinjal Jain says Replied on 24th September,2022 03:39 PM
Ok tysm
A says Replied on 24th September,2022 03:37 PM
a) Income from house property. Refer Chennai Properties and Investments Ltd. v. Commissioner of Income Tax [2015] 373 ITR 673 (SC) - Since the main object of the company was to sell the property(ies) and not let-out the same.
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