26 October 2012
1.Whether an individual can make two different portfolios under capital gain and business & profession relating to purchase and sale of land.
2.If so, can he sell a portion from both investment and business portfolio in a single document and apportion the sale price for ascertaining income from capital gain and business.
3. Is there any restriction in declaring 8% income from real estate business u/s 44AD, in case turnover below 60L/1Crore.
28 October 2012
1. Sure. U can make two different portfolios. Capital Gains and business income. But you have to maintain proper records and specify the trading stock and investment stock seperatly in ur books of accounts. 2. You are dealing in real property. Better if u make two different documents. If not then you should have proper documentation to support ur say. 3. There is no such restriction. But if you declare ur income below 8% then, one will hav to get his accounts audited U/s 44AB within the specified time limit. (tax audit).
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