Capital gain on joint venture b/w land ower and developer
This query is : Open
05 November 2014
Sir if a person acquires a property say of x area and progress on a JV with a builder to develop the said property with 50-50 shares holding in year. What would be the income tax/capital gain taxes on the proceeds.
CA CHIRAG DOSHI
(Expert)
05 November 2014
Dear Sakalesh,
Thats depends on that what you have shown in your books of A/c whether you have show as stock in trade or investment
if you have shown as stock in trade then business income or else capital gain taxation
CA Chirag Doshi & CO.
9833027231
Thats depends on that what you have shown in your books of A/c whether you have show as stock in trade or investment
if you have shown as stock in trade then business income or else capital gain taxation
CA Chirag Doshi & CO.
9833027231
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09 November 2014
Need more clarity. Say X acquires land in the month of Mar 2013. He enters into a JD with a builder on 50:50 sharing. He executes a Irrevocable Power of attorney for builders portion in Jun 2014. He does mentioned that it is not transfer of property in the JD. Since X has not received any constructed/completed property still, does capital gain acquire into the account of X. If yes is there any provsion to stagger the capital gain.
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