Dear Sir,
I am farmer and having residential cum commercial plot at my city which is having Municipal Council. The said plot is my ancestral property and I am having 25% share in the said plot (We are four brothers having equal share of 25%). The government valuation of the said plot is Rs. 73,21,000 in year 2017. In the same year, along with my brothers we decided to develop the said plot and made Joint Development Agreement with developer. According to said agreement the developer share is 55% and owners share is 45% and subsequently my share is 11.25%. As per the said Joint Development Agreement the developer paid us Rs. 20,00,000 as refundable deposit (My share is Rs. 5,00,000). However, due to the covid-19 and other reasons the project is delayed and still project is under construction. Recently, I received the notice from income tax Order under clause d of Section 148A of the Income Tax Act, 1961 in which the income tax department asking explanation regarding sale of immovable property amounting 73,21,000. However, we did not do any sale of said property and its joint development agreement. In view of above it is kindly requested that please guide me and how to answer the income tax authority.
Regards

SIR
MR.A RUN OF KIDS ENTRIMENT PARK. HE COLEECTED ENTRANCE FEES ONLY . HE COLEECTED RS12,20,000 PER YEAR. HE SPENT SALARY ,RENT AND EB EXP AND OTHER EXP RS.6,40,000/ BALANCE RS RS. 5,80,000/- THIS INCOME UDNER HEAD OF BUSINESS OR PROFESSIONAL ARE SERVICES ? . HE IT FILING FORM NO. 3 ARE 4

TAHNK

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Date of agreement - 25.09.2023. Joint Buyers - Mr X & Mr Y. Total Sale consideration Value Rs 75 Lakh.
On 04.07.2023 paid token money Rs 1 Lakh (No form 26QB filed).
Remaining balance of Rs 73,25,000 paid on 29.01.2024 (as 1 percent of sale consideration Rs 75000 TDS)
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1. Payment type = Installment / lumpsum?
2. Total amount paid/ credited in previous installments, if any (A) - what should be this amount?
3. Amount paid/credited currently (B) - what should be this amount?
4. Total stamp duty value of the property (C) - what should be this amount

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