Status of assessee
This query is : Resolved
11 February 2014
I wanted to known in following case what will be a position of a assessee (AOP or Taxed Individually)
Two persons bring together and started a construction business. They both together opened a bank account in joint name. They purchase land in joint name and after construction of flat on this land they sold together to customer.Now what will be a status of this joint venture in income tax act? whether it will be treated as AOP or both person individually as they take their respective share of profit and taxed individually?
Two persons bring together and started a construction business. They both together opened a bank account in joint name. They purchase land in joint name and after construction of flat on this land they sold together to customer.Now what will be a status of this joint venture in income tax act? whether it will be treated as AOP or both person individually as they take their respective share of profit and taxed individually?
11 February 2014
Seems the status is 'BOI'.
12 February 2014
what is a rate of tax ?
12 February 2014
For rate of tax please see paragraph A of part 1 of First Schedule meaning thereby graded rates applies to BOI.
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