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.
When assessee failed to explain source of purchases expenditure, estimating profit rate was contrary to provision of Section 69C which…
Income Tax Department not trusted even upon its lawyers – SC slams ITD on adopting a long process resulting delay…
When goods are loaded in two trucks with one e-way bill specifically mentioning both truck numbers, no intention to evade…
GOI makes four new Labour Codes effective from 21st November 2025 Government of India has announced that the four Labour…
Provident fund dues definitely have a first charge over claim of bank under SARFAESI Act – Supreme Court In a…
CBDT notifies the Capital Gains Accounts (Second Amendment) Scheme, 2025 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT…