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”.
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”.
Note: It is a system-generated summary and is for quick reference only.
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