44ad

This query is : Resolved

indu (Querist)
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01 June 2012 Dear sir,
There is an assessee who sale purchase in property.Is this comes in business if yes then if his receipts is less then 60 lakh so is he liable u/s 44ad.

Thanks

CA Amit Joshi

CA Amit Joshi (Expert)
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01 June 2012 its comes u/s 44ad and if he declares profit above 8% of receipts than he is not liable for audit otherwise he is liable.

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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01 June 2012 If he does regularly buying and selling then its comes under business, you can apply provisions of section 44AD.

Otherwise that shall be capital gain.

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