Hello Sir,
Can any one provide the answer of the following question?
Can any one claim the Income received as a Commission from the Aangadiya Business and commission received from the real estate business under Sec. 44AD?
Thanxs.
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Sec. 44AD
Replies (1)
Yes, in case gross commission receipts are less than60.00lacs, you can show the income U/s 44AD.
But , you must show income at a higher percentage otherwise, his investment in assets may not be justified.
For example, if Commission Income is Rs 400000/ -. If you show the income @ 8% to Rs 32000/- and he is having Rs. 300000/- as bank balance
and further purchases a house for Rs. 800000/- in the same year.... His balance sheet as at 31.3.2010 has shown only Rs 200000/ as capital.
In such cases, sooner or later explanation may be sought for.
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