Capital gain

Tax queries 484 views 3 replies

Abhi

Finance

94 Points Joined December 2009

Dear All

An Individual person entered into Joint Venture with another Individuals for convertion of land to Residential plots.

Here land owner taken advance of Rs. 15 lac towards joint venture. is this advance taxable.

1) Land owner is female Sr. citizen not having PAN card.
2) taken advance Rs. 15 lacs. maybe in instalments, Rs.5lac + Rs. 10lac by cheque.

My questions sir:
1) Do we need to give PAN number to bank though cash received through Cheque?
2) Is tax applicable for this advance?
3) Is this needed to put in Capital Gain account of bank?
4) Do we need to show this income to department, if yes, in which column this income should be shown?

Please guide me in this regard.

Thanks....

Replies (3)

Pankaj Arora

Job

150 Points Joined December 2009

Dear Abhi

Pleas elaborate the situation as to whther the residential plots will sold in the market and if yes in what manner the profit will be distributable.

As per your current information if Rs. 15lakh is recd. as an income then obviously it is taxable and PAN is needed while depositing cash of Rs. 50000/- or more in your bank a/c.

Specialy keep in your mind if you have deposited Rs. 10,00,000/- or more in your bank a/c then you must file your income tax return.