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Money received under the joint development scheme


K.A. Narayanan
On my land, I had entered into a Joint Development Scheme with a developer to build 6 flats. He will give me, my brother and sister 4 flats. He is entitled to 2 flats. As per the agreement the flat should be 1800 Square feet. After the completion of the construction, the area of the flat 1780 Square feet- 20 Square feet less. For this reduction in space, the developer is prepared to pay us money based on the salable value per Square feet.. On this income received by me,
what is the Income Tax implication for me? Is it covered under Section 1941(b) or Section 1941(C) of Income Tax Act, 1961? Can I treat this as rent and then claim 30% as maintenance charges for deduction from the money received by me and pay Income Tax on the balance amount?
K.A. Narayanan



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