Construction of building
This query is : Resolved
Practicing CA
(Querist)
08 May 2012
If owner of a land, appoints architect & gets building constructed for him (for which he pays architect & Builder the amount decided per square feet) & than sells the flats in the said building to different buyers, the profit / gain arising from the sale is his business profit or capital gain??? what should be the tax treatment?
All other expenses related to construction like municipal fees, taxes are born by the land owner.
All other expenses related to construction like municipal fees, taxes are born by the land owner.
Aditya Maheshwari
(Expert)
08 May 2012
would depend on the way the same has been accounted for in the books of accounts though most likely it would be business income.
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