Income from house property
This query is : Resolved
10 February 2012
hello sir gud evng,
Mr.A is an individual engaged in the business of constructing the houses and selling the same.
in F.Y 2011-12 Mr.A constructs 10 houses and sells 5 of them and profit from sale is taxable under the business or profession
Remaining 5 houses are neither let out nor sold out.
now my question whether the annual value of the Remaining 5 houses is TAXABLE or NOT?
if taxable under which head it is taxable?
Mr.A is an individual engaged in the business of constructing the houses and selling the same.
in F.Y 2011-12 Mr.A constructs 10 houses and sells 5 of them and profit from sale is taxable under the business or profession
Remaining 5 houses are neither let out nor sold out.
now my question whether the annual value of the Remaining 5 houses is TAXABLE or NOT?
if taxable under which head it is taxable?
10 February 2012
Should you be engaged in the business of construction of houses and selling the same.. the unsold houses shall be your closing stock of trading. The profit needs to be computed as per As -9 on the houses which are sold under the head profits and gains from business or profession .. there shall be no annual value towards the unsold houses.. as the same is Business head..
10 February 2012
sir can you please explain me your answer in terms of provisions of income tax act 1961
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