Applicability of 44ab (tax audit)

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Sonex (Querist)
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15 August 2014 I am not engaged in any business.

I am filling ITR - 2 since last five years.

Now, I want to invest Rs. 1 Crore in Reliance / Government Bond.

I am regularly filling my wealth Tax return.

The aforesaid investment will be blocked for Five years and every year i will get return of Rs. 10 to 12 Lacs.

Now, Please confirm whether I will be covered under 44AB(Tax audit) due to said investment ?

You are also requested to confirm, the applicability of other provisions, if any due to said investment.

Thanks,

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 August 2014 no. capital investments are not covered under 44AB limit. unless and until you have a business, audit is not required. continue to file ITR2

Sonex

Sonex (Querist)
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15 August 2014 Many many thanks,

- Shital

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