ask about the taxability of person
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 February 2011
One of the my client purchased land, taken development agreement & POA in three individual names jointly.
All permissions are appoerved by the authorities on the 3 joint individual names.
Whether i refere to my client to form partnership firm or AOP, For taxation & book keeping purpose which one is suitable as per income tax law.
my query is all the permissions are in joint individual name, what is the effect if i suggest for to form a partnership firm or AOP.
thanx
All permissions are appoerved by the authorities on the 3 joint individual names.
Whether i refere to my client to form partnership firm or AOP, For taxation & book keeping purpose which one is suitable as per income tax law.
my query is all the permissions are in joint individual name, what is the effect if i suggest for to form a partnership firm or AOP.
thanx
chetan soni
(Expert)
11 February 2011
You should go for partnership. This will allow you to get the total profit & loss of development business.
You can claim claim the deduction u./s 80 (confirm the section for project for housing development).
You can claim claim the deduction u./s 80 (confirm the section for project for housing development).
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