Used Car sale Profit Considered as Sale and Purchase or Brokerage Income
This query is : Resolved
Javed Memon
(Querist)
26 December 2022
Respected Sir
One Of My Client doing business of sale and purchase of Used Cars
My question is in income tax return how to show this transaction, as purchase and sales or i can show only brokearge income
and if i show as brokerage income then can i opt 44 ad ?
One Of My Client doing business of sale and purchase of Used Cars
My question is in income tax return how to show this transaction, as purchase and sales or i can show only brokearge income
and if i show as brokerage income then can i opt 44 ad ?
Dhirajlal Rambhia
(Expert)
27 December 2022
If both the transactions are done independently, treat it as purchase & sales.
If only brokerage is taken, then it cannot be declared under sec. 44AD of the act.
If only brokerage is taken, then it cannot be declared under sec. 44AD of the act.
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