JDA-Tax implication to land owner

This query is : Resolved

Sushma Sireesha (Querist)
Follow

11 January 2020 The assessee is a partnership firm engaged in construction activity. In has purchased land during the year 2006-07, and has started construction in 2012 and has done work to the extent of Rs. 50,00,000. Later on due to funds scarcity, it has entered into development agreement with other company for construction of flats in 2014. Construction was completed in the year 2018 and land owner has received his share of flats and started selling its share. How to treat the same in the books of land owner who is engaged in same business. Whether to calculate capital gains or business income. Kindly explain.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

12 January 2020 1. What were the terms of development agreement ?
2. Whether the firm has shown any capital gains income at the time of entering into development agreement on the basis of agreed consideration ?
3. If not,then complete the task by showing business income and leave rest upon the AO.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

divakar podaturu

SHRI HARIRAO

Dalbir Singh Wadhera

Rajesh Surapaneni

Sandeep Ranjan

Subscribe Now

JDA-Tax implication to land owner

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Article Assistant

GST CONSULTANT

Manager- Finance and Compliance

CA Final

GST CONSULTANCY