Section 44ad of the income tax act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 August 2018
Dear Sir,
One of my friends is running a Real Estate Outfit which works for commission by bringing purchaser & seller and gets a commission on sale of land, building, residential houses, flats etc. and also get commission for bringing Landlord & Tenant and gets commission.
My query is:WHETHER THE ABOVE PERSON CAN DECLARE HIS INCOME UNDER SECTION 44AD OF THE INCOME TAX ACT?
Thanks
One of my friends is running a Real Estate Outfit which works for commission by bringing purchaser & seller and gets a commission on sale of land, building, residential houses, flats etc. and also get commission for bringing Landlord & Tenant and gets commission.
My query is:WHETHER THE ABOVE PERSON CAN DECLARE HIS INCOME UNDER SECTION 44AD OF THE INCOME TAX ACT?
Thanks
CA R SEETHARAMAN
(Expert)
22 August 2018
No, he can't declare income under 44AD.
CA Vivekanand Pote
(Expert)
22 August 2018
A person earning income in the nature of commisssion and brokerage is not eligible for presumptive taxation under section 44AD
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