Income tax

The fifty lakhs as profits from business is revenue receipt, and is taxable as per slab, (after available deductions under chapter VI-A), but cannot be claimed under section 54/54F, which is specifically for LT Capital Gains.

But Sir now he is not file of income tax return. if he buy a new home and i am asking if any provision this amount is show profit & loss account.However now he is profit 50 lakh please suggest me.

I am not able to get your exact problem. Do you mean he is in profit of 50 lakhs or he wants to purchase house out of cash he may be holding?

Any way in both the cases he is required to pay tax, file return if not filling at present.

If he has ligitimate amount in bank accounts, he will have to pay at slab rate of 30%; otherwise under declaration scheme (open now), at 45%. Your choice.  I can't give you any other solution please.