Ancesteral land development by owner himself
This query is : Resolved
Rakesh B. Surve
(Querist)
15 March 2014
sir
we have ancesteral land . my father and 2 uncles decided to construct buildings on it.
my c a told me that there us no need of AOP or Partnership because we are developing the land ourself and not doing a joint venture with any builder.And no requirement of huf return filing.
is it accioding to act.
plese guide me on this issue in details. my email id is rakeshtaxation@gmail.com
rakesh
Nikhil Kaushik
(Expert)
16 March 2014
well for income tax purpose, the land cost shall be covered under LTCG...the houses/units constructed shall be taxed in short term provided they are sold within three years of construction. Check for service tax and VAT
17 March 2014
when you have land and construct blg for yourself, so question of paying ITax.so there is no issue
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