House Property

This query is : Resolved

BHARTI (Querist)
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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

Aditya Maheshwari

Aditya Maheshwari (Expert)
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12 September 2009 MOstly Rental Income only in view of the shambu Investement case law.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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).

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