44AB

According to my interpretation of this section the provision for gross reciepts is for covering those assesses who are not carring on profession....that is basically two conditions are the the one that you have mentioned and the other for those carriying on profession hence in the section it is given as "carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds forty lakh rupees"

capital gains according to you can be covered only under the term gross reciepts.however according to my interpretation the gross reciepts referred in this section is with respect to recipts from normal course or the trading activities of the business...hence 44AB Will not be applicable..

No need to audit of accounts.

In Sec 44AB as it is specifically mentioned that any turnover or gross receipts from business exceeds Rs. 40lacs then the section applies.

As it is income from Capital gain.

So the section does not apply and accounts should not be audited. 

 Section 44AB will be not applicable.

So Books of Accounts are no need to get audited in this case.

no need to audit the accounts

Tax audit is not required. A clarification point is given in ICAI guidance note on Tax Audt

I agree with all our friends who have answer that Tax Audit is Not applicable.

Dear Friend,

In the present situation assess have no need to get his accounts audited.

Moreover, on Business income section 28 apply. And section 28 not applied on capital Gain.

Moreover as per the section44 AB apply in the caes of business assess not cover Capital Gain.

no need of audit dude

" exceed Rs. 40 lakhs in any previous year relevant to the assessment year commencing on 1-4-1985 or any subsequent assessment year."

no need to get accounts audited 

It is actually depending on the facts of the case of Capital Gain. By no means Audit is required to be done for Capital Gain computation as per the Incopme Tax Act, until and unless, AO with special approvals get the books checked by any competent authorty for assessment purposes.

So no audit is required.

Being c.a final student you should not ask like this. This is not come under 44AB

right sec 44AB apply only if BI execced 40 lakh.so company assess it not avail benefit of 44AD,so make book which satisfied A.O