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Income Tax - Highlights / Catch Notes

Home Highlights September 2017 Year 2017 This

Rental income derived from unsold flats which are shown as ...

Income Tax

September 11, 2017

Rental income derived from unsold flats which are shown as stock-in-trade in the books of the assessee would be assessed under the head “Income From House Property” and not under the head of “Profits and Gains from Business and Profession”.

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  1. Rental income from unsold flats shown as stock-in-trade in the books - “ should not be assessed under the head “income from business” but under the head “income from...

  2. Nature of income - Assessing u/s 22 of the Act the ALV of the flats/shops held by it as stock-in-trade of its business as that of a developer under the head “House...

  3. Income from house property - Deemed let out value of the closing stock - the unsold flats which are stock in trade when they were sold they are assessable under the head...

  4. Deemed rental income - the unsold flats which are stock in trade when they were sold they are assessable under the head ‘income from business’ when they are sold and...

  5. Income from house property - annual letting value of unsold flats - Estimating rental income by the AO for these three flats as income from house property was not...

  6. Income from house property - Determining the ALV of flats disclosed in the stock in trade as per the Accounting standards and policies being fallowed consistently by the...

  7. Assessment of rental income - ‘Income from House Property’ OR ‘Income from Business’ - notional annual letting value on unsold shops held as stock in trade by the...

  8. Income from House Property - Addition of deemed ALV of vacant flats which are lying in the stock in trade of the assessee’s books of account - even in the case of unsold...

  9. Addition to the valuation of unsold flats - the valuation of unsold stock at the close of an accounting period is a necessary part of the process of determining the...

  10. Computation of annual value - The three flats which could not be sold at the end of the year was shown as stock-in-trade. Estimating rental income by the AO for these...

 

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