Rent Income > 40 Lakhs, Sec 44AB Applicable ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2010
Hello,
My client is partnership firm which is engaged in construction business, i.e, builder & developer.
During the FY:2009-10, firm is in receipt of rent income which exceeds 40 Lakhs. My query is whether the firm is attracted with provisions of Sec 44AB, i.e liable to do Tax Audit or not?
Kindly reply at the earliest.
My client is partnership firm which is engaged in construction business, i.e, builder & developer.
During the FY:2009-10, firm is in receipt of rent income which exceeds 40 Lakhs. My query is whether the firm is attracted with provisions of Sec 44AB, i.e liable to do Tax Audit or not?
Kindly reply at the earliest.
Aditya Maheshwari
(Expert)
24 July 2010
If the firm's rent income is assessed as income from business then the same is liable for tax audit and if the income is assessed as income from house property then the same is not liable for tax audit.
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