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.
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