Land owner's contract for construction with a promoter

Mr B A Shekar,

 This is a joint venture entered between the land owner and developer.According to the agreement the land value is compensated by some advance,a shop of 200sq ft  and a house of 1500 sq ft area.It also means that the land owner has paid a value equal to the built up area given to him at market rate.This is also a works contract agreemnt,although there is no money transfer on that account. You may observe that  a sale agreement will be made between the land owner and the builder as the value of so much of property is received at the time of registration..Hence, the contractor has to pay tax on the entire  works cost of the building ,including that given to the land owner, and the latter ha sto account as payment received from the builder and paid for construction......mjk