Joint development and income tax implications
This query is : Resolved
03 September 2016
A group of 6 members wants to develop their joint property into residential and commercial villas and appoint one of the member himself a builder for the same.He got the power to construct and sale.The income from sale of plots and villas will be taxable as business income or capital gains in their hands. How the tax calculations to be done individually?
11 September 2016
PART CAPITAL GAIN PART BUSINESS INCOME. THE SALE OF LAND IS CAPITAL GAIN AND THE SALE OF BUILDING IS BUSINESS INCOME
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