Hello All,
I own a piece of residential land in Pune. Planning to construct a residential project (building) in joint venture with a builder/developer. As per agreement, I will be entitled for ..% amount of sales.
I have purchased the land in Feb/15, What will be tax implications on the % amount I will receive?(As per agreement with builder/developer)
e.g. I have purcashed land for 40 Lakhs in 2015. Let's say,I receive total 80 lakhs as per agreement with builder (40 Lakhs each in 2 consecutive financial years). What & how much tax will one need to pay on this amount?
I am salaried & in 30% bracket.
CAclubindia
