Commission on sale of property.
This query is : Resolved
18 April 2014
my friend is getting an commission on sale of property as an agent, of more than rupees 1 to 2 crores, how much he is liable to pay tax or what is his tax liability, and also guide me how he minimize the tax liability.
19 April 2014
dear friend, you need to pay tax on the net income after deducting for expenses. further your friend is liable for tax audit. so kindly prepare his financial statements and pay tax accordingly.
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