Presumptive taxation - please reply very urgent

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 ?