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Audit of a firm in let out transaction

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(Querist)
25 February 2012 An "A" is a firm earning through let out of property
# Turnover crossing the Rs. 60 L .P.A.
? Audit U/s 44A reqd ?
or Not reqd
A' is not into a construction business and showing the income from house property.
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CA. Hari Kishan

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CA. Hari Kishan (Expert)
25 February 2012 If the rental income received as BUSINESS INCOME , then the turnover limit of Rs.60 lakhs shall apply and you shall be liable to audit u/s 44AB. If the income is offered under house property then no audit shall be required.
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
25 February 2012 in your case if firm is engaged in construction of buildings or development of buildings but not maintance of buildings then audit u/s 44ab will not be applicable.
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