Hi all,
I purchased a plot of land during 2007 -08 and converted it into smaller plots for ease of sale. A portion of the same was sold during the previous year 16-17 for Rs.10 lakhs. The business loss from the same worked out to Rs.3 lakhs to offset against long term capital gains arising before conversion into stock in trade. My question is whether I need to maintain books of accounts and get it audited under section 44AB to claim business loss if I do not opt for presumptive taxation ?
Yes....... as your total income from capital gains after ser off of loss......... would be more than basic exemption limit.
Thank you sir.
Most welcome
Dear sir, I have one more doubt. Whether 43 CA is applicable if we opt for presumptive taxation ?
Presumptive assessment gives relief from maintenance of accounts, but does not override other provisions of the act, including sec. 43 CA.
Thanks a lot sir.
Most welcome, Dear
CAclubindia
