income from sales of land
This query is : Open
CA Hemant T Dewani
(Querist)
24 November 2008
four persons are cometoghethere purchae a land & there shares are equle after some time they sold the same land & take ther share from purchasers independently the AO assessed as an AOP because they are come toghether for purchase & sales of land
whether AO is right to assessed as an AOP or not
give the case laws or citations
thanks
whether AO is right to assessed as an AOP or not
give the case laws or citations
thanks
CA Tilak Raj Sharma
(Expert)
24 November 2008
It will taxable as AOP if the sale of land and payment is also on the same time.
If the land is registered on the name of all 4 persons separately and share is fixed in the registry. Also the Buyer has made contract with all parties separately. Only then it cannot be treated as AOP.
If the land is registered on the name of all 4 persons separately and share is fixed in the registry. Also the Buyer has made contract with all parties separately. Only then it cannot be treated as AOP.
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