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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Portuguese Civil Code IT Return
- Taxability of Partnership firm for FY 2025-26
- GST Rate for Catering Services
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- TDS AND ITR ISSUE
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
