Mr.X is the regd POA holder of family of a. b , c , d , he owns a Non agri.Land in the city, intends to give it to a developer Mr.LMN ,for making apartment , on 50 % basis ( 5 units out of 10 will be belonging to Mr.X-owners share ) alongwith a interest free depost of 40 lacs, How to show this 40 lacs in the coming assessment year , as income ? if yes ..then under which head ? if No.....a s he has o refund after that building becomes ready for occupation , interest so genearted will be traeted as business income or simple interest ? as well as, later on he also intend to sell those 5 units ( as land owners share) in the market, whether it will a business income or Capital gains ?
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