22 January 2015
I AM DOING THE BUSINESS OF BUILDERS COSNTRUCTING RESIDENTIAL UNITS AND COMMERCIAL UNITS AFTER COMPLETION CERTIFICATE OBTAINDED UNSOLD FLATS AND COMMERCIAL UNITS REMAIN UNSOLD AS ON 31/03/2012 AS AN STOCK WHICH ARE SOLD SUBSEQUENTLY.
THE INCOME TAX IS CONSIDERING THE SAID UNSOLD FLATS AND COMMERICIAL UNITS DEEMED AS LET OUT U/S 23(4)UNDER HOUSE PROPERTY INCOME AS A NOTIOANAL INCOME WHETHER INCOME TAX OFFICER ACTION OF DEEMED INCOME OF RENT IS CORRECT OR NOT
22 January 2015
Assessing Officer's view is NOT correct.
You need to PROVE beyond any doubt that the said flats are held as STOCK in TRADE. AND In spite of being reasonable in selling price, the same are not getting sold.
22 January 2015
the ans is no as you are having business of selling flats after making them so it is stock in trade where income from house property shall not be made applicable
CAclubindia
