Regarding 44AD
This query is : Resolved
12 October 2019
SIR MY FATHER PURCHASED A AGRI LAND FOR RS.20LAKH AS PER THE GUIDELINE VALUE AND I DEVELOPED IT AND MAKE A HOUSING LAYOUT AND SALE IT INTO MANY PLOTS AS THE TOTAL VALUE OF Rs.1.5 CRORE.we dont have maintained any books of records so i had a doubt IS IT COVER UNDER THE 44AD REPLY UR HUMBLE ANSWER SIR..........
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Read more at: https://www.caclubindia.com/experts/experts_profile.asp?member_id=94632
14 October 2019
It is not at all covered under section 44 AD.
You need to pay short term Capital Gain tax on the same as the nature of land has been changed due to Plotting done.
You need to pay short term Capital Gain tax on the same as the nature of land has been changed due to Plotting done.
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