Joint development agreement
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 January 2018
Dear Sirs
Mr Vinod Kumar had 1500 Sq metre land as a form house in Bhopal. Mr Vinod Kumar had a Joint Development Agreement with a builder in Dec 2013 to construct 9 duplex houses .65% of the developed property will be of the builder and the builder sold 4 units .35% of the units are (Practically 3) are for Mr Vinod Kumar , the land owner. All the expenses were born by the builder including the permission formalities. The project is about to completion. The builder wants to hand over my share (35%) to Mr Vinod Kumar now. As the agreement to our family one unit will be gifted to his sister and one unit to his brother, the remaining one unit will for Mr Vinod Kumar . He is not going to sell this . The builder had given advance of Rs 51000/- as the signing amount (To be refund at the end of project to Builder) What will be my tax liabilities on possession of houses in the form of capital gain,GST or any other duties?
UKDiwan
Mr Vinod Kumar had 1500 Sq metre land as a form house in Bhopal. Mr Vinod Kumar had a Joint Development Agreement with a builder in Dec 2013 to construct 9 duplex houses .65% of the developed property will be of the builder and the builder sold 4 units .35% of the units are (Practically 3) are for Mr Vinod Kumar , the land owner. All the expenses were born by the builder including the permission formalities. The project is about to completion. The builder wants to hand over my share (35%) to Mr Vinod Kumar now. As the agreement to our family one unit will be gifted to his sister and one unit to his brother, the remaining one unit will for Mr Vinod Kumar . He is not going to sell this . The builder had given advance of Rs 51000/- as the signing amount (To be refund at the end of project to Builder) What will be my tax liabilities on possession of houses in the form of capital gain,GST or any other duties?
UKDiwan
29 May 2020
https://www.caclubindia.com/articles/joint-development-agreement-a-business-model-15498.asp
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