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Section 44ad

This query is : Resolved 
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(Querist)
12 July 2019 The client has started PG business. In this case Section 44Ad will be applied or not ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
13 July 2019 Yes 44AD applicable...............
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Deepak Kumar

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Deepak Kumar (Querist)
13 July 2019 Also, he will hire property on rent, and sublease it for commercial purpose. In this case, the section 44ad will be applied or not ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 July 2019 In that case 44AD not available.
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Deepak Kumar

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Deepak Kumar (Querist)
15 July 2019 The following businesses are not eligible for presumptive taxation scheme: -
​​​​
Business of plying, hiring or leasing goods carriages referred to in sections 44AE.
A person who is carrying on any agency business.
A person who is earning income in the nature of commission or brokerage
Any business whose total turnover or gross receipts exceeds two crore rupees.​

Please explain why the 44ad not applicabe on that case ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 July 2019 44AD not applicable on rental income.
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Deepak Kumar

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Deepak Kumar (Querist)
15 July 2019 But sir in that case the income is generated by rental business. And in the section 44ad clearly mentioned that any individual or partnership firm can be opted thus scheme.
Please do the needful.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 July 2019 If you consider it as business then 44AD applicable.
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Deepak Kumar

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Deepak Kumar (Querist)
17 July 2019 thank you so much sir ji
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