24 May 2024
A Private Limited Company owns a piece of land measuring 10 acres and engages a person to do the necessary infrastructure facilities, to form a layout. The Company deicides to give two sites so developed as fee for the activities done, instead of paying cash. Is this allowed in Income Tax Act. Kindly clarify
24 May 2024
yes it is allowed...you need just account for the transactions at appropriate value, which in this case should be value at which sale/transfer deed is signed.
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