Return filing u/s 44ad
This query is : Resolved
29 July 2020
Dear Sir,
I am an individual resident and earning rent income from a commercial property of around Rs. 15 lacs p.a. and I am also registered under GST. My turnover is less than 25 lacs p.a. Can I file my Income tax return u/s 44ad.
Please help me in the above matter.
Regards,
Divyesh Jain
I am an individual resident and earning rent income from a commercial property of around Rs. 15 lacs p.a. and I am also registered under GST. My turnover is less than 25 lacs p.a. Can I file my Income tax return u/s 44ad.
Please help me in the above matter.
Regards,
Divyesh Jain
29 July 2020
Yes you can file ITR under 44AD.
29 July 2020
Thanks a lot sir for replying to my query.
29 July 2020
Yes, you can file return of income u/s 44AD. But if you are not in the business of renting out properties or renting out of properties is not mentioned in your object clause, then it is better not to declare income u/s 44AD.
29 July 2020
I am filing return on behalf of my client as an individual capacity. Apart from rent income from commercial property he has only pension income.
In this case I feel he is solely in the business of renting out property.
In this case I feel he is solely in the business of renting out property.
30 July 2020
Does he have multiple properties or single one?
30 July 2020
Single property in the name of himself and his wife
30 July 2020
Sec 44AD is for declaring business income on a presumptive basis. So first of all, the assessee should have income from the business, then only he can declare income on a presumptive basis. And on the other hand rental income is taxable u/h House property. But there are some judgments which says assessee can declare rental income as business income rental income constitutes a major part of his income and object clause in the memorandum clearly specifies the renting out of the property as a business activity. So if your client has a business of renting out properties, then he can declare income u/s 44AD.
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