IT dept. plans to levy tax on unsold flats by treating them as “income from house property”

As per Central Action plan for FY 2015-16 there is a big impact on Real estate companies, IT dept. plans to levy tax on unsold flats by treating them as “income from house property” – Read Page 77 - As per provision of section 43CA of the Income-tax Act,1961, Real Estate companies have to be assessed on a
turnover (based on stamp duty value or circle rate) in respect of all transactions relating to land or building or both. This will have an impact in case of Real Estate developers and traders in India where immovable property is kept as stock-in-trade