44ad

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Anshu (Querist)
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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?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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31 May 2017 If he is earning commission on sale of properties, he cannot claim benefit of section 44AD.

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Anshu

Anshu (Querist)
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31 May 2017 He purchase and sale the plots.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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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.

Anshu

Anshu (Querist)
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31 May 2017 Thank u sir for ur response, bt my ques is can he compute his business income as per sec. 44Ad?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 May 2017 Yes he can compute his business income under 44AD,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 May 2017 His turnover should include value of plots sold.

Anshu

Anshu (Querist)
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31 May 2017 Sir, can he buy and sell plots in his wife's name also?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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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Anshu

Anshu (Querist)
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01 June 2017 Thank u sir... Thanku very much

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