Tax on real estate

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2013 Sir,In a JV agreement with a builder on 50:50 ratio the builder gets 3 flats the owner takes 1 flat and balance in cash(lets say 45 lakh)the money is given up front to the owner by builder.owner gives a GPA to builder.My question is.Is JV agreement is enough to show the proof of income of 45 lakh to Income tax or to Bank.and should the JV agreement has to be registered.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 August 2013 In such case sec 50C will be applicable and will be taxed accordingly.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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07 September 2013 In case of JV you have to file the return of JV separately by taking PAN and uploading the return. The tax shall be paid on 100% and your 50% shall be tax free. In addition to the same you are also liable for capital gains on the portion of the land which you are giving for JV at the time of execution of transfer in the name of the society.

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