Regarding 44AD

This query is : Resolved

jeeva (Querist)
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12 October 2019 SIR MY FATHER PURCHASED A AGRI LAND FOR RS.20LAKH AS PER THE GUIDELINE VALUE AND I DEVELOPED IT AND MAKE A HOUSING LAYOUT AND SALE IT INTO MANY PLOTS AS THE TOTAL VALUE OF Rs.1.5 CRORE.we dont have maintained any books of records so i had a doubt IS IT COVER UNDER THE 44AD REPLY UR HUMBLE ANSWER SIR..........

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CA. Ankit Jain

CA. Ankit Jain (Expert)
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14 October 2019 It is not at all covered under section 44 AD.
You need to pay short term Capital Gain tax on the same as the nature of land has been changed due to Plotting done.