Income from unsold flats held as stock taxable as Income from House property

DCIT Vs Shah Bafna Associates (ITAT Pune)

It is seen that the assessment year under consideration is 2014-15. The Finance Act, 2017 introduced sub­section (5) to section 23 providing that where a property held as stock in trade is not let out during the year, its annual value, after a period of one year or as revised to two years, shall be considered for the purposes of inclusion under the head `Income from House property’. This amendment has been brought out w.e.f. 01-04-2018. Thus, this provision manife

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