Sec 44 ae

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Sethuraman (Querist)
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19 January 2013 Dear sir,
If one person have 4 heavy vehicles on 1.4.11 and he acquired 7 heavy vehicles on 31.5.11 and he sold 2 heavy vehicle on 30.6.11. if he earn a income during the year. shall he make a deduction U/S 44 AE?

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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19 January 2013 He owns more than 10 goods at some point of time during the previous year, as per Section 44AE(1) he is not eligible to show income on presumptive basis. However, if he sale any one vehicle prior to 31.5.11 he can show presumptive income U/s 44AE.
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