I have a 500 yard plot. There is another person having a 500 yard plot right next to me. Now we both want to construct a property in it.
It is just a single project and we dont want to do it after that.
Should it be converted into a partnership and land be transferred to it or can we do the same as co ownership by spending equal amount and sharing the sale proceeds.
As far as other things are considered, we have sorted those things out.
Permission will be granted by the municipal board easily and also the other party has no problem in making it as a partnership or co-ownership.
We just need to plan from the Income Tax Point of View. So please help us from that view point.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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