13 December 2014
An individual carring real state bussiness, he have a sale of rs. 80 lcs in all year, the assets which he sold have dlc value of rs. 1.1 cr. What will be the treatment for audit? Whether it is covered under 44 ab or 44ad. How will u treat it?
14 December 2014
According to provision of section 43CA of the income tax act of 1961 you required to consider the value adopted by District level committee (DLC) as sales .i.e., 1.1 Crs.
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