Taxability of llp
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2011
An LLP (M/s: S K LLP) enters into a contract with Mr. A (Individual), wherein Mr A, an individual provides a site with market value of Rs.24lacs ( Government value is Rs.6lacs).M/s:S.K. LLP invests Rs. 16lacs (estimated) towards construction of the building ( to be sold for residential purpose). The estimated sale value of the Building after completion of construction is Rs. 45lacs.
My Query is taxability in the hands of LLP
(a) whether it is taxable under the head
(i) Profit's & gains of business or profession
or
(ii) Capital gains
Thanks in advance
My Query is taxability in the hands of LLP
(a) whether it is taxable under the head
(i) Profit's & gains of business or profession
or
(ii) Capital gains
Thanks in advance
CA PARAS BAFNA
(Expert)
09 August 2011
The income is taxable as
i) Profit's & gains of business or profession
i) Profit's & gains of business or profession
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