Real estate business by a partnership firm where both of the partners are SC/ST
This query is : Resolved
02 April 2025
I am a SC, want to buy a land, devlop/build house and sell to a general category buyer. If I do that in my name it will involve prior permission. My questions are:-
1. Can I form a partnership with my wife and do the same?
2. Will it involve the permission to sell to a general category person?
3. What are the legal provision I have to look into before the same?
4. How the gain will be taxed i.e. in which head it will come under?
5. If it is taxed under the head business, then is there iny time limit to selll the house, as there may be a case where selling might take time?
1. Can I form a partnership with my wife and do the same?
2. Will it involve the permission to sell to a general category person?
3. What are the legal provision I have to look into before the same?
4. How the gain will be taxed i.e. in which head it will come under?
5. If it is taxed under the head business, then is there iny time limit to selll the house, as there may be a case where selling might take time?
02 April 2025
There in no restriction over an individual if he is SC/or ST or general category to buy any land & sell HP, unless the land has any specific restriction. If so, the rule will apply to all the persons developing the land.
02 April 2025
I know there is no restriction, but it requires permission from the collector.
02 April 2025
That should be for the land NOC....
Check the conditions of land for its NA into residential zone.
Here converting to partnership firm will not solve the issue.
Check the conditions of land for its NA into residential zone.
Here converting to partnership firm will not solve the issue.
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