Income of Property Dealer considered as Business or Profession?

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  1. dilipduttagupta

    dilipduttagupta New Member

    Wish to know the following:-
    Income earned by a property broker from the seller of a house to be charged under income from business or is it a professional income? If the turnover(brokerage charge received) is less than 50L can he declare 8 % of the brokerage received as presumptive income? If this is professional income then is he entitled to declare 50% as income under Sec 44ADA? If he takes advantage of either section can he be later on charged for concealment of income if he has not incurred any professional/business expenditure to declare?
  2. Parul_Gupta

    Parul_Gupta Active Member

    I think this would be considered as Professional Income and therefore you can take benefit of Section 44ADA and income would be considered as 50% of the total value of service provided
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