11 July 2019
My uncle is doing a small Real Estate Construction Business. He has filed his IT Return as Proprietor U/S 44AD till F.Y. 2017-18 with closing stock of Rs. 35 Lakh. He is now doing a project with Mr. X under a joint agreement but without establishing any partnership firm.
Is he allowed to file his IT return U/S 44AD as capacity of partner? If so then the proportionate sale amount should be shown or the gross sale value will be entertain and how show previous the previous closing stock ?
12 July 2019
If a Assessee is a partner in a firm then no way for file ITR 4. And filing required through ITR 3...
But, As per Your query no firm established. So, the income can't calculate through Partnership...
CAclubindia
