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
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
CAclubindia
