Conversion of property into joint stock
This query is : Resolved
Soniya Maheshwari
(Querist)
23 April 2014
Dear all,
We are having plots by individual names. We wish to collaborate with builders & developers to give it for construction. as these properties belong to family members can we create a joint venture or can transfer it into LLP. Please suggest the proper treatment with tax obligations.
We are having plots by individual names. We wish to collaborate with builders & developers to give it for construction. as these properties belong to family members can we create a joint venture or can transfer it into LLP. Please suggest the proper treatment with tax obligations.
Rupesh Jain
(Expert)
23 April 2014
YOU MAY MAKE PARTNER SHIP AND THEN YOU MAKE JOINVENTURE WITH ANY BUILDERS.
Nikhil Kaushik
(Expert)
23 April 2014
or alternatively, just do a multiparty joint development agreement. each of the member shall bring in his share of property in the joint development. The share to be paid to each party can be provided therein. No need to incorporate any additional entity which unnecessarily increases the compliance.
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