Presumptive tax u/s 44ADA

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  1. dilipduttagupta

    dilipduttagupta New Member

    Sir,
    Since from FY 16-17 professionals can now avail the presumptive tax benefit under the above section , I seek the following clarification:-
    Mr X receives 30 L as professional fees after deduction of service tax for helping a property owner to sale his property. The services rendered are : - Finding a buyer, doing capital gains tax planning , creating value addition by realizing a sales value which is much more than the valuation done by a chartered engineer firm, meeting the accountant and legal advisor of the buyer and seller and finalizing all paper work. Now will his receipt qualify for sec 44ADA and if yes then under which professional head( you have mentioned a few specific profession in your article). Further can the seller claim the 30 lacs plus service tax paid as admissible deduction when he computes his capital gain? Also can a broker of real estate deals claim benefit under this section if his total receipt is within the ceiling? If sec 44ADA is not applicable then could he avail 44AD?
     
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