44ad
This query is : Resolved
01 June 2012
Dear sir,
There is an assessee who sale purchase in property.Is this comes in business if yes then if his receipts is less then 60 lakh so is he liable u/s 44ad.
Thanks
There is an assessee who sale purchase in property.Is this comes in business if yes then if his receipts is less then 60 lakh so is he liable u/s 44ad.
Thanks
CA Amit Joshi
(Expert)
01 June 2012
its comes u/s 44ad and if he declares profit above 8% of receipts than he is not liable for audit otherwise he is liable.
01 June 2012
If he does regularly buying and selling then its comes under business, you can apply provisions of section 44AD.
Otherwise that shall be capital gain.
Otherwise that shall be capital gain.
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