Z purchased a building as stock in trade on 15.11.2018. He let out the property to a tenant who was in much need for the time being. Choose the correct option.
A. Z need not to pay any tax under house property, as property is held as stock in trade.
B. Rental Income will be taxed as business profits.
C. Rental Income will be taxed as house property income.
D. Rental Income will be taxed income from other sources.
Answer:C
Z purchased a building as stock in trade on 15.11.2018. He let out the property to a tenant who was in much need for the time being. Choose the correct option.
A. Z need not to pay any tax under house property, as property is held as stock in trade. B. Rental Income will be taxed as business profits. C. Rental Income will be taxed as house property income. D. Rental Income will be taxed income from other sources.