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45-Year-Old Business Owner: Can I Opt for the Presumptive Scheme under Section 44AD?

Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Sep 11, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Asked by Anonymous - Aug 31, 2024Hindi

Money

Sir, Assessess own commercial property rentals income from customersrs for functional hall rs:30 lacs f.y.23-24 Question: Assessess sec 44ad opt presumptive scheme eligibility or not

Ans: For any rental income, it has to be considered under rent and not professional income

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Sir, This has reference to your response on 20-May-2023 to my query raised on the same day. As a follow-up, I need the following clarification: I would appreciate if you could elaborate a little further on your response to my Query 1. Please note that I have yet to put the tenement up for sale. a) Does it mean that if the capital gain amount on sale of this tenement exceeds Rs 2 crores, I cannot reinvest in two residential properties? b) In case it does exceed Rs 2 crores, what are my options?

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Sir, tax payer sec 44ada gross income rs:20 lacs profit declared rs:10 lacs f.y.23-24 and gross income rs:16 lacs profit declared rs:10 lacs f.y.24-25 question: Assessess selection of scrunity provision applicable f.y.24-25

Ans: To add Clarity to your Question, It is assumed as under (Figs. Rs.in Lakhs) :
(a). F/Y 23-24 Gross Income Rs.20.00 Profit Declared Rs.10.00 (50.00%);
(b). F/Y 24-25 Gross Income Rs.16.00 Profit Declared Rs.10.00 (62.50%).
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