44ad
This query is : Resolved
31 May 2017
Hello sir,
If an individual is dealing in properties. Can he claim sec. 44AD? If yes, how his gross receipt should be calulated?
If an individual is dealing in properties. Can he claim sec. 44AD? If yes, how his gross receipt should be calulated?
31 May 2017
If he is earning commission on sale of properties, he cannot claim benefit of section 44AD.
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31 May 2017
Then the net profit from sale of plots is required to be shown under business or profession head. Provisions of section 50CA also needs to be taken into account.
31 May 2017
Thank u sir for ur response, bt my ques is can he compute his business income as per sec. 44Ad?
31 May 2017
Yes he can compute his business income under 44AD,
31 May 2017
His turnover should include value of plots sold.
01 June 2017
Yes provided his wife has source of income to buy the plots, if money is provided by husband it will be clubbed with the income of husband.
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