banner_ad

Joint development

This query is : Resolved 
Profile Image

Profile Image

(Querist)
13 July 2013 Please clarify the tax liability on the below topic

One of my client has entered a joint venture with a builder where in the both Parites will have equal share.

The site is demolished and the builder has taken up the construction of 12 flats 6 for builder and 6 for the owner.

The Owner has not sold the Land. Now the owner of the land has received Rs.500000/- as refundable deposit and Rs.750000 as Non refundable amount as goodwill.

Wheather the amount of Goodwill received is taxable under Income Tax, if yes under which section and Head.
Profile Image

Guest

Profile Image

Guest (Expert)
14 July 2013 14.07.2013

Dear Raghavan,

Rs. 7,50,000/- is the Goodwill received by your client towards surrender of development rights to the Builder which can be argued under Section 10(38) and 50(C)to be non-taxable income under the head Profits & Gains from Business or Profession.

Regards,
Profile Image

sudarshan

Profile Image

sudarshan (Expert)
15 July 2013 it is not clear whether your client is individual or business entity
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
ARTICLESHIP 05 May 2026
ARTICLED ASSISTANT

JS ADVISORS

New Delhi

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
29 April 2026
Internal Auditor

SNCO

Mumbai

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details