Letter of bank renewal cash credit account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 March 2014
plz send a letter for bank loan renewal letter of cash credit account.
16 March 2014
sir
myself and my 2 brothers are willling to construct a residential project on our ancesteral land.
is there any requirement of Partnership or AOP formation.
My C.A.told us that we are developing the property on our own and not doing a Joint Venture with any third party ( builders) so it is not mandatory to form a partnership or AOP. We can execute a project jointly as a proprietory business.
Is it according to Income tax law?
Please guide me in this.
17 March 2014
There is no need to form any entity. you can develop the property as joint holders and offer for taxation as below.
well for income tax purpose, the land cost shall be covered under LTCG...the houses/units constructed shall be taxed in short term provided they are sold within three years of construction.
well for income tax purpose, the land cost shall be covered under LTCG...the houses/units constructed shall be taxed in short term provided they are sold within three years of construction.
17 March 2014
The property is being developped by you and your family members. In this case no need to enter into a partnership. Once you enter into partnership and transfer the land to the firm the provisions of section 2(4&)(v) will attract and you have to pay the capital Gain on the market value of the land.
At present you are the co-owners, So what you have to do is to draw an agreement between the co-owners through which you can incur the cost of construction jointly and after construction who will won which floor can also be finalized and there will be no dispute between owning of the floors. The cost of construction is to be debited to the sharing ratios and the constriction is also required to be made in the shearing ratios.
At present you are the co-owners, So what you have to do is to draw an agreement between the co-owners through which you can incur the cost of construction jointly and after construction who will won which floor can also be finalized and there will be no dispute between owning of the floors. The cost of construction is to be debited to the sharing ratios and the constriction is also required to be made in the shearing ratios.
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