ASSOCIATION OF PERSON
One of my client has inherited land , he joins hands few people who purchase the adjoining land and now they want to construct a commerical complex on this total land .
I had advised my client to form a HUF for his land as he had become owner of land by virtue of will of his grand father . Furthur I had advise him to form a AOP.
I understand that that land transfered by all the individual in AOP shall not attract capital gain , capital gain shall arise on sale of plots etc , AOP will get the profit of Coinstruction & Gain of sale of land shall be taxed in the individual hand .
From the all the vieiwers my querry is
1. Is my advise correct and with in the legal parameter , if not what ammendment has to made in current advise.
2. What is the format of agreemnet to made for forming the AOP considering the above situation .
3. Do any one has the draft agreemnet of AOP ?, if yes would you be kind enogh to mail at vyadav_ca @ hotmail.com
4. Any other better advise
CAclubindia
