16 February 2016
Hi,
Please advice on taxability, registration of society if required, or any other specific regulation applies to me on below transaction.
I am an invidual have a land and I am developing that land into 3story flats building consisting of 6 flats. I have a plan to sale those flats.
do I need to have register a hosing society?
how can I get registry of each flat separately and how?
how income tax will be calculated in this transaction as I am an individual doing business other than construction and falls under tax audit?
also advice if it will be a business income then it will be short term capital gain tax or long term or income from house property? I had land since last 3 years and project will take one more month for completion.
Thanks.
CAclubindia
