Heads of income - urgent!!

Stranger (.) (5531 Points)

19 August 2014  

In which head of income the following incomes of a property dealer should be taxable (selling & renting of property both are his main business)? Please correct me if I am wrong with satisfactory legal reasons.

i)          Rental income from property owned by him – Though property is held as stock in trade but income taxable u/h “House Property” u/s-28

ii)         Commission income from property given on rent on behalf of its owner – Income u/h “PGBP”

iii)        Sale of owned property – Income u/h “PGBP” as block of assets as it is held as stock in trade & thus cannot be taxed u/h “Capital Gains”

iv)        Commission income from sale of property on behalf of seller / owner - Income u/h “PGBP”