Tax on property advise commission

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2011 Sir,
A person receive 2% commission as commission agent from buyer and seller on
sale value form both parties.In Financial
Year 2010-2011 he receive Rs.165000.00
commission On Value 80,00,000.00 of property sale value form both Parties.Can I File income tax return U/S 44AD showing more than
8% profit as 85% of commission receive.The person also having a juice bar Gross Receipts
420000.00 showing 30 % profit.Can These both income are club and return file under 44 AD
Thank you for Your Advice

Aijaz Shaikh

Aijaz Shaikh (Expert)
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26 November 2011 Both the business are covered u/s 44AD.

You should combine the gross receipts of both business, and show minimum net profit of 8% of gross receipts, you can definetly show higher net profit.

Non applicablity of 44AD, if your combine gross receipts exceeds 60lakhs