Compensation in kind
This query is : Resolved
24 May 2024
A Private Limited Company owns a piece of land measuring 10 acres and engages a person to do the necessary infrastructure facilities, to form a layout. The Company deicides to give two sites so developed as fee for the activities done, instead of paying cash. Is this allowed in Income Tax Act. Kindly clarify
24 May 2024
yes it is allowed...you need just account for the transactions at appropriate value, which in this case should be value at which sale/transfer deed is signed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Taxability of credit in canara bank ET & T section (NRO)
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Rent claimed on building given on permissive possession basis
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
