Tax on property advise commission
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 November 2011
Sir,
A person receive 2% commission as commission agent from buyer and seller on
sale value form both parties.In Financial
Year 2010-2011 he receive Rs.165000.00
commission On Value 80,00,000.00 of property sale value form both Parties.Can I File income tax return U/S 44AD showing more than
8% profit as 85% of commission receive.The person also having a juice bar Gross Receipts
420000.00 showing 30 % profit.Can These both income are club and return file under 44 AD
Thank you for Your Advice
A person receive 2% commission as commission agent from buyer and seller on
sale value form both parties.In Financial
Year 2010-2011 he receive Rs.165000.00
commission On Value 80,00,000.00 of property sale value form both Parties.Can I File income tax return U/S 44AD showing more than
8% profit as 85% of commission receive.The person also having a juice bar Gross Receipts
420000.00 showing 30 % profit.Can These both income are club and return file under 44 AD
Thank you for Your Advice
Aijaz Shaikh
(Expert)
26 November 2011
Both the business are covered u/s 44AD.
You should combine the gross receipts of both business, and show minimum net profit of 8% of gross receipts, you can definetly show higher net profit.
Non applicablity of 44AD, if your combine gross receipts exceeds 60lakhs
You should combine the gross receipts of both business, and show minimum net profit of 8% of gross receipts, you can definetly show higher net profit.
Non applicablity of 44AD, if your combine gross receipts exceeds 60lakhs
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