30 December 2019
Dear Sir, In case of Joint Development agreement as per general practice the landowner gives land to builder through development rights , then builder will gives some flats to landowner as per agreement. 1)Whether the accounting entries need to pass in the books of builder for flats given to landowner ? 2) Whether the Flats given to landowner will be considered as turnover as per income tax Act ?
CAclubindia
