44ad!!reply fast
This query is : Resolved
29 January 2013
I have to file an individual income tax return for AY 2012-13.I have negative income in the House Property Head(Interest paid on home loan),income from other sources and profit from proprietorship business(Turnover 35 Lakhs).I know that 44AD is applicable on me and i have to show minimum 8% profit on turnover to avoid tax audit.but i want to know whether i could sett off negative income in HP with profit from business and whether deduction u/s 80C can be claimed against profit from business??????
29 January 2013
Yes, you can set off House Property Loss against Presumptive Income computed under sec 44AD. You can also claim 80C Deduction.
Sec 44AD mechanism is restricted upto computing profit of current year only. After profit is computed u/s 44AD, all other provisions like set off, deductions etc...remains same...
Sec 44AD mechanism is restricted upto computing profit of current year only. After profit is computed u/s 44AD, all other provisions like set off, deductions etc...remains same...
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29 January 2013
yes, you can adjust
44AD only tells business profit
So as individual you got income from business.
now you can adjust loss from house property and can claim 80 C
44AD only tells business profit
So as individual you got income from business.
now you can adjust loss from house property and can claim 80 C
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