Tax on dev agg
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 January 2014
I have entered with dev. For developing property with developers
1- i surrender land to him for construction of flat
2- he will provide me one flat(total of five) at cost x consideration. But i dont have to pay X amt
3- remaing four flat he will sell his own and i have to sign sale deed as land owner and property
4- he has paid me y amt towards land cost of for four flat at the time of dev.aggrement
5- for four flat i have given right to collect sale amt to developers
Question
Income tax liability as capital gains on which amt X or
y or X+Y
Service tax liability if any
Mayank dave
1- i surrender land to him for construction of flat
2- he will provide me one flat(total of five) at cost x consideration. But i dont have to pay X amt
3- remaing four flat he will sell his own and i have to sign sale deed as land owner and property
4- he has paid me y amt towards land cost of for four flat at the time of dev.aggrement
5- for four flat i have given right to collect sale amt to developers
Question
Income tax liability as capital gains on which amt X or
y or X+Y
Service tax liability if any
Mayank dave
MJ Krishnamurthy
(Expert)
25 January 2014
Mr M Dave,
Regarding ST,this is to be borne by the service provider i.e. contractor. As the contractor receive all the sale amounts he has to pay both VAT and ST as per rules. The land owner is out of picture for VAT and ST.....mjk
Regarding ST,this is to be borne by the service provider i.e. contractor. As the contractor receive all the sale amounts he has to pay both VAT and ST as per rules. The land owner is out of picture for VAT and ST.....mjk
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