Income from trading of house property

PRADEEP REDDY (CHARTERED ACCOUNTANT) (664 Points)

10 February 2012  

 

hello friends 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?