16 July 2010
1. how does real estate dealers show his house property(houses in his stock in trade) u/h HP .will only 1 house value be nil,other house will deemed to be let out.
2 .how far is true that house owning neither a trade nor a bussiness, if yes/no please tell me why.
16 July 2010
1. In case the house has been held as the SIT then there will be no Income u/house property. All income will come out to be the Business Income.
2. No this is not true. Just owning & selling will become the Business of the real estate agents.
16 July 2010
I would like to disagree here. House property whether held as stock in trade or otherwise will be taxable under the head IHP only, and not as business incomeI
CAclubindia
