TAXATION OF PROPERTY DEVELOPMENT
This query is : Open
04 January 2011
ONE OF THE PVT LTD CO HAVING LAND SHOWN AS FIXED ASSETS, NOW THEY WANT TO DEVELOP THIS LAND FOR HOUSING PROJECT WITH A JOIN VENTURE AGREEMENT AND THEY WILL GET ONE TIME LUMP SUM PAYMENT AS WELL AS SOME FLAT, PLZ LET ME KNOW THE TAX LIABILITY IN THE HANDS OF THE LAND OWNER AND WHETHER ANY EXEPTION IS AVAILABLE TO HIM OR NOT.
'
THANKS
SANJAY
'
THANKS
SANJAY
04 January 2011
If land is being sold to jointventure, capital gain will apply and no exemption is allowed.
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