Joint venture - capital gain
This query is : Resolved
01 August 2011
Dear All
An Individual person entered into Joint Venture with another Individuals for convertion of land to Residential plots.
Here land owner taken advance of Rs.15 lac towards joint venture. is this advance taxable.
1) Land owner is female Sr. citizen not having PAN card.
2) taken advance Rs.15 lacs. maybe in instalments, Rs.5lac + Rs.10lac by cheque.
My questions sir:
1) Do we need to give PAN number to bank though cash received through Cheque?
2) Is tax applicable for this advance?
3) Is this needed to put in Capital Gain account of bank?
4) Do we need to show this income to department, if yes, in which column this income should be shown?
Please guide me in this regard.
Thanks...
An Individual person entered into Joint Venture with another Individuals for convertion of land to Residential plots.
Here land owner taken advance of Rs.15 lac towards joint venture. is this advance taxable.
1) Land owner is female Sr. citizen not having PAN card.
2) taken advance Rs.15 lacs. maybe in instalments, Rs.5lac + Rs.10lac by cheque.
My questions sir:
1) Do we need to give PAN number to bank though cash received through Cheque?
2) Is tax applicable for this advance?
3) Is this needed to put in Capital Gain account of bank?
4) Do we need to show this income to department, if yes, in which column this income should be shown?
Please guide me in this regard.
Thanks...
10 August 2011
Dear All
An Individual person entered into Joint Venture with another Individuals for convertion of land to Residential plots.
Here land owner taken advance of Rs. 15 lac towards joint venture. is this advance taxable.
1) Land owner is female Sr. citizen not having PAN card.
2) taken advance Rs. 15 lacs. maybe in instalments, Rs.5lac + Rs. 10lac by cheque.
My questions sir:
1) Do we need to give PAN number to bank though cash received through Cheque?
2) Is tax applicable for this advance?
3) Is this needed to put in Capital Gain account of bank?
4) Do we need to show this income to department, if yes, in which column this income should be shown?
Please guide me in this regard.
Thanks..
An Individual person entered into Joint Venture with another Individuals for convertion of land to Residential plots.
Here land owner taken advance of Rs. 15 lac towards joint venture. is this advance taxable.
1) Land owner is female Sr. citizen not having PAN card.
2) taken advance Rs. 15 lacs. maybe in instalments, Rs.5lac + Rs. 10lac by cheque.
My questions sir:
1) Do we need to give PAN number to bank though cash received through Cheque?
2) Is tax applicable for this advance?
3) Is this needed to put in Capital Gain account of bank?
4) Do we need to show this income to department, if yes, in which column this income should be shown?
Please guide me in this regard.
Thanks..
11 August 2011
1) Do we need to give PAN number to bank though cash received through Cheque?
Ans.
Bankers have to follow KYC Norms.
The lady must apply PAN otherwise banks may deny withdrawal of any sum form her account.
Ans.
Bankers have to follow KYC Norms.
The lady must apply PAN otherwise banks may deny withdrawal of any sum form her account.
11 August 2011
2) Is tax applicable for this advance?
Ans-
As the titles in property has not been transferred yet, No tax liability arises.
Ans-
As the titles in property has not been transferred yet, No tax liability arises.
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11 August 2011
3) Is this needed to put in Capital Gain account of bank?
Reply-
The solution does not lye in capital gain account only. That is just a parking place and not the destination.
Sales consideration of the land has to be invested in acquiring one big residential house (First Check whether the old lady is having just 1 residential house or more. if more than .... read ahead) or invest in capital gain bonds.
Reply-
The solution does not lye in capital gain account only. That is just a parking place and not the destination.
Sales consideration of the land has to be invested in acquiring one big residential house (First Check whether the old lady is having just 1 residential house or more. if more than .... read ahead) or invest in capital gain bonds.
Message likes :
1 times
11 August 2011
4) Do we need to show this income to department, if yes, in which column this income should be shown?
Reply-
You have to show the income to the Department. Leave the matter of "Columns" and "Beams" on Architects and tax experts as the matter will require a lot of expertise.
Reply-
You have to show the income to the Department. Leave the matter of "Columns" and "Beams" on Architects and tax experts as the matter will require a lot of expertise.
Message likes :
1 times
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