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Rent received from renting of flats held as stock-in-trade shall be taxable under the head “House Property”
Case Law Details
- Case Name
- New Delhi Hotels Ltd. Vs ACIT (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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It appears that this issue is no longer debatable in view of the decision in the case of CIT v Ansal Housing Finance & Leasing Co. Ltd. decided on 31.10.2012 in ITA No. 18/1999. That decision has, subsequently, been followed in CIT v. Discovery Estates Pvt. Ltd (in ITA Nos. 1089/11 and 1090/2011) and CIT v. Discovery Holding Pvt. Ltd. (in ITA No. 1097/2011) decided on 18.02.2013. One of the questions raised in Discovery Estates Pvt. Ltd and Discovery Holding Pvt. Ltd (supra) was ‘whether the Income-tax Appellate Tribunal was right in holding that the rental income should be assesse...
Would like to know whether the Rent recd by the owner should pay TAX on it & if so what % …if his Income is NOT under the TAX Bracket? after adding the rent as income recd
Can you please advice