Hi, one of my client's business is property dealing in small scale.
His income is 5-6 lakh in ay 25-26, how should I disclose his income in ITR -3.,like commission/brokerage
Kindly explain briefly, also it is mandatory to maintain books of accounts as per rules..
A property dealer’s income is treated as business income from commission, and must be shown in ITR-3 under business code 0704. He cannot use Section 44AD. Since his income is ₹5–6 lakh, maintaining basic books of accounts is mandatory, though a simple Excel-based record is acceptable. Business income is shown in Schedule BP and P&L with all related expenses deducted.
Arvindkumar Maniar & Co.
Rajkot
CA
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