Ancesteral land development by owner himself

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Rakesh B. Surve (Querist)
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15 March 2014 sir we have ancesteral land . my father and 2 uncles decided to construct buildings on it. my c a told me that there us no need of AOP or Partnership because we are developing the land ourself and not doing a joint venture with any builder.And no requirement of huf return filing. is it accioding to act. plese guide me on this issue in details. my email id is rakeshtaxation@gmail.com rakesh

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 March 2014 well for income tax purpose, the land cost shall be covered under LTCG...the houses/units constructed shall be taxed in short term provided they are sold within three years of construction. Check for service tax and VAT