Please Help: Development of colony
Posted Date : 16-May-2015 , 05:46:06 pm | Posted By NAROTTAM MAHESHWARI
What is the treatment under Income Tax for developing agriculture land to residential colony and sale the plot, if land owner and developer is same and if land owner and developer are different person.
Category : Income Tax | Answers : 0 | Comments : 1 | Hits : 86
Answers
Comments
mahesh G Makhijani
20-May-2015 , 05:38:34 pmIn first case it would be subject to capital gain . However expenditure on development would be deducted with out capitalization. In second it would be capital gain for land owner.Developer income would be subject to business income.