Presumptive income and capital gain

satpreet singh (student) (89 Points)

21 January 2015

i have long term capital gain and want to show my income from business u/s 44ad which ITR to be filied......................please help

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7 Replies

DISHA SHAH (professional) (1618 Points)
Replied 25 January 2015

you should file itr 4

1 Like

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Rohan Chugh (Chartered Accountant ) (69 Points)
Replied 03 December 2015

Yes, you should go for ITR 4

So if any one having a capital gain of Rs. 100/- then also he should have to maintain the books for its business income and can't take benifit of presumptive taxation mentioned u/s 44AD and 44AE?

CA Goutam Sharma (Chartered Accountant in Practice) (468 Points)
Replied 04 December 2015

Dear All,

Comment of Rohan is quite Valid Logically, but at the same time there is no scope of filing Form 4S in case he has capital gain.

Please , provide info whether Form ITR 4 contains the Feild for 44AD or 44AE or not. Currently my System is not supporting the form.

Nikhil Kaushik (Co-founder @ Graviky) (84142 Points)
Replied 05 December 2015

ITR-4 covers 44AD incomes. You need to cover that in Business Profit Sheet

Rohan Chugh (Chartered Accountant ) (69 Points)
Replied 27 January 2016

You can not go for ITR-4Sin case u are having capital gain.

CA CMA CS Ram Pavan Kumar Melam (CA) (6980 Points)
Replied 27 January 2016

Section 44AA of Income Tax Act, 1961 maintenance of books of account is part of chapter IV-D i.e. PGBP and applicable to this chapter only. The same is not applicable to other heads of income including capital gains i.e. Chapter IV-E.

Amish (General) (340 Points)
Replied 07 July 2016

I have same problem but in ITR4 under Schedule BP

Following both boxes are grayed out - i.e. I can not fill it - how to enable them? Are they linked from some other TAB / fields?

4 Profit or loss included in 1, which is referred to in section 44AD/44AE/44B/44BB/44BBA/44BBB/ 44D/44DA/ Chapter-XII-G/ First Schedule of Income-tax Act

35i - Section 44AD

Please guide.