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 : 85

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mahesh G Makhijani

20-May-2015 , 05:38:34 pm

In 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.

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