No notional income for house property held as stock-in-trade u/s 23 till the certificate of completion of construction of the property is obtained
No notional income for house property held as stock-in-trade
Section 23 of the Act provides for the manner of determination of annual value of house property.
Considering the business exigencies in case of real estate developers, it is proposed to amend the said section so as to provide that where the house property consisting of any building and land appurtenant thereto is held as stock-in-trade and the property or any part of the property is not let during the whole or any part of the previous year, the annual value of such property or part of the property, for the period upto one year from the end of the financial year in which the certificate of completion of construction of the property is obtained from the competent authority, shall be taken to be nil This amendment will take effect from 1st April, 2018 and will, accordingly apply in relation to assessment year 2018-19 and subsequent years.
----------- Similar Posts: -----------No addition u/s 56(2)(viib) when no money/consideration was received by assessee on issue of shares which were allotted merely on…
In a recent judgment, the Hon'ble Allahabad High Court has quashed the penalty order u/s 129 of UPGST Act 2017…
CBDT has clarified the question as to what would be the Cost of Acquisition as on 1.4.2001 for properties purchased…
Advisory for FORM GSTR-1A- Form and manner of furnishing details of outward supplies GSTN has issued an advisory for FORM…
Penalty u/s 271E can not be imposed on cash repayment of advances treated as unexplained cash credits. In a recent…
Mining Royalty is not a tax – Supreme Court Nine Judges Bench approves decision In Kesoram Industries and held that…