House Property
This query is : Resolved
12 September 2009
Facts-
Assessee is private limited compnay with main object of trading in properties and having stock of land & building. The assessee earned rent of Rs. 7,29,000/- from building held in stock as on 31.03.2009.
Question-
Whether above Income is to be treated as Rental Income OR Business Income
Assessee is private limited compnay with main object of trading in properties and having stock of land & building. The assessee earned rent of Rs. 7,29,000/- from building held in stock as on 31.03.2009.
Question-
Whether above Income is to be treated as Rental Income OR Business Income
12 September 2009
MOstly Rental Income only in view of the shambu Investement case law.
12 September 2009
May be considered under the head "Income from house property".
Citation:- 1) SG Mercantile Corporation (p) Ltd. 83 ITR 700 (SC).
2) Chugandas & Company 55 ITR 17 (SC).
Citation:- 1) SG Mercantile Corporation (p) Ltd. 83 ITR 700 (SC).
2) Chugandas & Company 55 ITR 17 (SC).
13 September 2009
agree with expert
13 September 2009
agree
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