Income chargeable for developers

phanindra kumar (Student CA Final ) (85 Points)

02 December 2013

Hi sir/mam,

Let me know Rent received by Developers and Builders for permanently letting of property, taxable under which head of income and under which grounds?

Thankyou in advance .

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3 Replies

Harendra Kumar (Tax Advisor ) (1326 Points)
Replied 02 December 2013

Sir,

In my view that If Land Devloper & Builders are main business the rent reveving, then is calculated Income from Business.

If rent recd. by Devloper & Builders are not main business the rent receiving then calculated is Income from House Property

If Devloper & Builders want to be calculated is MIsc. Income

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Mihir (Wealth Manager) (5293 Points)
Replied 02 December 2013

I think it will be assessed under income from house property.

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Jeetendra Goyal (Student CA Final ) (175 Points)
Replied 03 December 2013

Income from letting out of house propert is chargable under Income from House Property...even for developer, propert dealer etc.....

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