03 June 2012
Can Non Refundable Deposit be treated and termed as Sales Consideration of the land? If yes, calculate STCG on that basis. . Whether sharing is only in the Development Activity ? Please define the status as a firm or an AOP. . Treat the profits from Development Activity as Business Income. .
04 June 2012
THANK U VERY MUCH FOR UR REPLY. Mentioned below is the brief facts.
my client is an individual and he has entered into jv with another individual(builder). builder alone will develop the property and construct the building and my client will get 40% of the flat in the building.
construction will complete after 2 years. how to compute capital gain on rs.20 lacs received as non refundable deposit from the builder ?
when he is liable to pay the capital gain tax on rs.20 lacs and when he will get 40% of flats ?
CAclubindia
