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Income Tax - Highlights / Catch Notes

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Assessment of rental income - ‘Income from House Property’ OR ...

Income Tax

January 12, 2021

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 assessee - Since the flats shops where held as stock in trade, addition of income as house property is not correct - AT

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  3. Income From House Property - enhancement of annual let out value - notional interest on deposits - municipal valuation is less than the actual rent received - No addition - AT

  4. 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...

  5. 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...

  6. 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...

  7. Notional rental income vacant/leased properties - in case of the assessee where the property remained vacant then the ALV of such property will be Nil- AT

  8. 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...

  9. 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...

  10. Income from house property - ALV determination - AO has though adopted the rate of rent as it was agreed upon between the parties in respect of property in the vicinity...

 

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