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Income Tax - Highlights / Catch Notes

Home Highlights January 2018 Year 2018 This

Income from house property - unsold inventory of built- up ...

Income Tax

January 17, 2018

Income from house property - unsold inventory of built- up residential houses/flats - the properties held as stock in trade will be taxable under the notional annual letting value method prescribed u/s 23(1)(a) - HC

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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. 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...

  3. 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...

  4. 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...

  5. 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...

  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. CENVAT Credit - construction of residential property - unsold flats at the time of receipt of completion certification - demand of service tax/ reversal of credit set aside.

  8. Income from house property - the unrealized rent cannot be taken to be taxable in the hands of the assessee under the head "income from house property" when it is not...

  9. Nature of income - entire building was leased to tenants registered under the Software Technology Parks Scheme - Various Amenities / services were also provided -...

  10. IT Capital Gains Exemption u/s 54, residential house, Construction of four flats, It has to be construed only as ‘a residential house’, exemption allowed

 

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