Used Car sale Profit Considered as Sale and Purchase or Brokerage Income

This query is : Resolved

Javed Memon (Querist)
Follow

26 December 2022 Respected Sir
One Of My Client doing business of sale and purchase of Used Cars

My question is in income tax return how to show this transaction, as purchase and sales or i can show only brokearge income

and if i show as brokerage income then can i opt 44 ad ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

27 December 2022 If both the transactions are done independently, treat it as purchase & sales.
If only brokerage is taken, then it cannot be declared under sec. 44AD of the act.

Message likes : 1 times