RENTAL INCOME
This query is : Open
27 February 2017
Sir,
Rental income derived from the unsold flats which were shown as stock in trade in the books of the assessee should be assessed under which head??
27 February 2017
It should be assessed under Income from House Property. You may refer Discovery Estates Pvt Ltd case by Delhi High Court (2013). Also refer New Delhi Hotels Ltd by the same court (2014).
But contrary view was taken by Gujarat High Court in Neha Builders Pvt Ltd's case (2008).
But contrary view was taken by Gujarat High Court in Neha Builders Pvt Ltd's case (2008).
27 February 2017
Sir I refer the case law you have mentioned above ie., Discovery Estate Pvt. Ltd..
But I don't find the logic because as the unsold flats are shown as stock.. Then the rental income should be taxed as business income.. This is as per my view.. Kindly rectify..
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