Taxability of sale of website
hi,
I freind of mine (a college student) developes websites and recently he sold 3 of his website on Flippa for Rs.5.6 lakhs and the payment was made using paypal in USD.
I would like to know how can he disclose his income in his ITR and if the income can be treated as a presumptive business income?
Replies (1)
yes it canbe treated as a presumptive business income (section 44AD). convert USD to indian rupees (as on the date of sale conversing price) for determining turnover.
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