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Assessment of Joint Venture

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(Querist)
30 May 2008 A partnership firm along with two individual entered into joint venture for a particular project; and after the completion of the project the agreement will come to an end. My question is that whether the Joint venture unit will be a separate taxable entity or the profits or gains will be taxed in the hand of the party of the Joint venture i.e Partnership firm and two individual.
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
30 May 2008 The JV is a separate assessable unit in the status of AOP.
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Manish Agarwal

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Manish Agarwal (Expert)
30 May 2008 Yes I agree with Shyam that AOP will be taxable as a seperate entity as an AOP.
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