If A (Land Owner) enters into contract with B (Builder/Developer) for development of a colony. B develops colony & incurrs all expenses for the same. Further, at the time of sale of houses A gives B 40% of sales consideration. Now, what will be Income Tax liability, Service Tax liability & Accounting entries in the books of both of them?
Menu
Builders & developers
Replies (1)
It is Works contract.
So VAT & Service tax both leviable 60% & 40%
Tax Liability is as per profit sharing ratio
Recent Topics :
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
- Demand from TRACES
- FY 2025-26 ITC CLAIM DUE DATE
- 96084000 and 48202000 HSN code ka Tax Rate kya hai
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
Related Topics :
CAclubindia
