Taxation of Lease rent from unsold flats in case of Builder

CIT Vs Gundecha Builders (Bombay High Court) In the present facts it is undisputed that the respondent assessee is in the business of development of real estate projects and letting of property is not the business of the respondent assessee. Rental income received from unsold portion of the property constructed by real estate developer is assessable to tax as income from house property. FULL TEXT OF THE HIGH COURT JUDGMENT / ORDER IS AS FOLLOWS: 1. This Appeal under Section 260A of the Income Tax Act, 1961(the Act) challenges the order dated 18th February, 2014 passed by the Income Tax Appell...