income tax

A.Sivasubramanian (Querist) 25 July 2011 This query is : Resolved
whether the commission received from real estate business is a business or profession as per income tax act?

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A V Vishal (Expert) 25 July 2011
Depends on the facts and circumstances, whether the commission is to be treated as business income or income from other sources.

adv. rajeev ( rajoo ) (Expert) 25 July 2011
If you are engaged in real estate profession then it amounts to income from profession.

B.B.R.Goud. (Expert) 25 July 2011
if u r employed under somebody else to carryout the real estate business, then it is a profession. otherwise it is a business or income from other sources.

S. M. Chouhan (Expert) 28 July 2011
For Profession there must be a specific qualification as specified for that profession under the statute enforced in India like MBBS for Doctors, LL.B. for Advocates, B. Tech for Engineer. In your case there is no any specific qualification is required for the business of real Estate, hence it should be business income, if your are doing on regular business and if you are doing casualy then it will be treated as other sources income.