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Applicability of section 44ad to builders

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 June 2016 A builder of Flats, sells a single flat during the year and the price at which he sells is 2000000/-. Can he show his income U/s 44AD showing 8 % profit from the sale.
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Amol S Joglekar

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Amol S Joglekar (Expert)
20 June 2016 what is the value of closing stock.....raw material, WIP and finished goods?
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 December 2016 I think Value of closing stock, raw materials etc., is not relevant u/s 44AD
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Amol S Joglekar

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Amol S Joglekar (Expert)
07 December 2016 If that be the case, you can follow your own thinking about the query you raised. All the best.
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Querist : Anonymous

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Querist : Anonymous (Querist)
07 December 2016 THANK U.. MR. AMOL THANK U VERY MUCH FOR THE REPLY.
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Amol S Joglekar

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Amol S Joglekar (Expert)
07 December 2016 You are most welcome.
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