Good Afternoon
My friends father used to do the business of a property dealer and receive the brokerage in the name of my friend. so now this will be taxable in my friend's hand(not a minor).
So which ITR form should I use
ITR 3 or ITR 4 as proceeds are approx. 5 Lacs.
Can I use ITR 4 u/s 44AD and declare his income
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ITR For Real Estate Broker
Replies (4)
Section 44AD of the income Tax act 1961 is not applicable for Commission & Brokerage .
So in itr 3 whether he can use 8% under 44ad to declare his income
You need to file ITR 3 with books of accounts
My client income from real estate for Rs.650000/- per year and tds deduction is 10400/- which form suitable for filing of income tax return advise me
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