26 May 2016
The Assessse is a businessman, he constructed three flats in Dehradun during FY 15-16. Sold all three for Rs 82,00,000 in FY 16-17. The Purchase of plot, Construction & sale is within a period of two years. Cost of Construction Rs 65,00,000.
Can the Income of the Assessee be Filed U/s 44AD Or it will be treated as capital gain If treated as a business income does he need to keep bills or a valuation by approved valuer be sufficient.
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