My client is a real estate broker, he is getting brokerage for selling a muliplex mall. the commission he is going to get is rs. 5 crores. what is taxability under income tax. and what kind of expediture he can claim relating to this income. and what is taxabilitt under gst
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Taxability under income tax and gst of real estate broker
Replies (3)
Taxable under head 'PGBP'
Accounts need to be audited u/s. 44AB
All the expenses related to the commisssion business (to earn the income) are deductible.
GST registration mandatory. GST payable @ 18% on commission amount.
Follow Rambia sir
Good answer by Mr Dhirajlal sir.
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