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Builders and developers

Ashwini (private job) (176 Points)

08 October 2018

One builders construction 2 or 3 building in Non NA plot. Can he file his return ? If yes which itr should he file...?

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amit ambare (artical assisstant) (71 Points)
Replied 08 October 2018

Yes ,

I need to file IT return if he get any type gain from this i.e sale of service .

it is irrelevent property is NA or Non NA

ITR FORM 3 FOR AY 18-19

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Rohan Bagra (406 Points)
Replied 09 October 2018

he can file hi return in form ITR 3 as sale of structures and buildings are business for builders

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Ashwini (private job) (176 Points)
Replied 09 October 2018

in future maximum how much amount should he receive in cash or cheque from client... is there any limit ?

amit ambare (artical assisstant) (71 Points)
Replied 09 October 2018

There is no such a limit, But he wants to file return under Presumptive bases i.e ITR 4 then cash received through chaque is deemed income 6% on sales other wise 8% of sale , if wants to file ITR 3 and wants to disclouse NP below 8% or 6% Accordingly then no such a for sales in cash. but is expenses should be not more than 20000 in cash . otherwise expenses os disalowed .

for any other or detail info just contact me 950303236

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