Joint Development Agreement - Tax Implication To Land Owner Who Is Into Construction Activity

    Posted By : damini / Published on : 13-Dec-2019 07:47 AM / View : 10 / Comment : 0
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    The assessee is a partnership firm engaged in construction activity. In has purchased land during the year 2006-07, and has started construction in 2012 and has done work to the extent of Rs. 50,00,000. Later on due to funds scarcity, it has entered into a development agreement with other company for the construction of flats in 2014. Construction was completed in the year 2018 and land owner has received his share of flats and started selling its share. How to treat the same in the books of landowner who is engaged in same business. Whether to calculate capital gains or business income. Kindly explain.
    Read more on : into construction activity owner land development agreement implication joint



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