Constuction of residential complex
This query is : Resolved
03 January 2013
WHETHER AGREEMENT VALUE OF FLATS GIVEN TO LANDLORDS AS PART SETTLEMENT OF LAND VALUE IS TAXABLE ???
08 January 2013
In case the developer gives the constructed flats as part of consideration received in the form of land, the developer is in essence providing service of flat construction and receiving consideration in kind that is in the form of land. Hence the arrangement would be taxable.Please refer to Circular No. 151/2/2012 dated 10th Feb. 2012.
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