Forums
Direct Taxation
Respected Sir, If suppose, Mr.A purchased a land for Rs.40 lakh and develops it into 3 Plot layouts. Mr.A converted Land into Stock-in-trade. Mr.A sold plots for Rs. 1 Crore. Now, Can Mr.A opts for Presumptive Tax and show gain as 8% of Gross receipts of Rs. 1 Crore under Sec 44AD since his turnover is below 2 Crore ? Please kindly clarify this query sir. Thank you sir. Video Details P3A - Income Tax (New) Chp 4.3 - Profits and Gains from Business and Profession 31. Revision: S.44AD, 44AE
Answers (2)