Assessment of Joint Venture
This query is : Resolved
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.
Shyam Lal Naik
(Expert)
30 May 2008
The JV is a separate assessable unit in the status of AOP.
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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