Updated Online video classes available for CA,CS,CMA for May20 and Nov20 batch. Call: 1800-3000-0505

50 C and 50 D


A is the owner of a land.
A has entered into a Joint Venture (JV) agreement with B around 30 years ago and collected contribution for the share given.
The JV agreement provides that incase of disagreement between the parties both A & B will develop their respective area at their own cost. The agreement doesn’t specify that A will *convey* the portion of the land to B so that he can develop his share independently at his own cost. B is insisting that the land be divided as per his share and *conveyed* to him. A asks in such a case will section *50C/ 50D* of the Income Tax Act be applicable to A.



You need to be the querist or approved CAclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :





close
CA Learning