New apartment building in joint venutre

I am 77years old perons, planning to enter JV with builder to construct apartment. I will be sigining JV with builder on my land. as per planning, 12 houses are going to come up. we are sharing 50: 50 ie 6 apartment will be given to me ie Land owner, 6 apartment will be taken by builder. Builder will sell his 6 apartment on completion or before completion. Kindly advice me whether any service tax will be incurred on my portion ie land owner portion of six apartment. Will there be Capital gain on land owners portion. the land purchased by me 35years back. Builder simply says any Service tax, income tax and Capital gain portion on the LAND owners share of six apartment will be to Land owners account. Roughly each apartment will be valued as per guideline value at Rs.70lakhs. pl advice Read more at: /forum/create_message.asp?cat_id=6 dear sir

I am 77years old perons, planning to enter JV with builder to construct apartment. I will be sigining JV with builder on my land. as per planning, 12 houses are going to come up. we are sharing 50: 50 ie 6 apartment will be given to me ie Land owner,  6 apartment will be taken by builder.  Builder will sell his 6 apartment on completion or before completion.

Kindly advice me whether any service tax will be incurred on my portion ie land owner portion of six apartment.

Will there be Capital gain on land owners portion.  the land purchased by me 35years back.

Builder simply says any Service tax, income tax and Capital gain portion on the LAND owners share of six apartment will be to Land owners account.  Roughly each apartment will be valued as per guideline value at Rs.70lakhs.

pl advice

thanks

sivaprabu