Status of assessee and tax rate
This query is : Resolved
12 August 2015
01
SIX INDIVIDUAL [ 3 BROTHERS AND THEIR WIVES ] HAS PURCHASED A PLOT OF LAND. THE PURCHASE DEED ALL THE SIX NAMES HAVE BEEN MENTIONED AS PURCHASED. NOW, THEY WANT TO CONSTRU RESIDENTIAL HOUSES ON IT AND TO SELL THEM LATER ON.
02.
THEY DO NOT WANT TO FORM PARTNERSHIP FIRM.
SIX INDIVIDUAL [ 3 BROTHERS AND THEIR WIVES ] HAS PURCHASED A PLOT OF LAND. THE PURCHASE DEED ALL THE SIX NAMES HAVE BEEN MENTIONED AS PURCHASED. NOW, THEY WANT TO CONSTRU RESIDENTIAL HOUSES ON IT AND TO SELL THEM LATER ON.
02.
THEY DO NOT WANT TO FORM PARTNERSHIP FIRM.
12 August 2015
Status is 'body of individuals'.
12 August 2015
If share of each individual member is determinate, each of them will be assessed at the rate of tax applicable to individuals. Refer section 67A.
If indeterminate, BOI will be taxed at 'maximum marginal rate' (30 %). Refer section 167B.
If indeterminate, BOI will be taxed at 'maximum marginal rate' (30 %). Refer section 167B.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- REGARDING GST LIABILITY/....
- LTCG for Assmt year 26-27
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
