1. a partnership firm formed for renting of immovable property like land
2. that is the one and only business it has and no other incomes
3. TO is less than 2cr
Question: Can it opt for 44AD .? by taking support from chennai properties & investments ltd vs CIT (supreme Court judgement)
hi sir,
yes sir you are eligible for presumptive taxation i.e you have to pay 8%.
any business you can eligible for 44ad.
no restriction of the business but not illegal business.
and here it case law says that if it is commercial purpose and commonly trade then it is pgbp.
and your own property letting out will be treated as ifhp or cg. so it up to you now what it will be and if it's pgbp then it will be eligible for 44ad
CAclubindia
