Collaboration or sell
GAURAV
(Querist) 07 July 2012
This query is : Resolved
Dear Sir,
I have one acre Agricultural land and want to enter into a collaboration agreement with an developer for group housing who will develop the project at his own cost. 30% flats will be mine and 70% will be of developer. Market value of my land is about one crore and Circle rate is 20 lakh.
My query is:-
1. If I sell this land to developer in one crore, I think no income tax will be payable by me being Agricultural land.
2. But if I sell the Flats of my share having amount 2 crore then that income will be taxable or not.
3. If Taxable how much tax will be payable?
4. Which option is beneficial?
ajay sethi
(Expert) 07 July 2012
you have property worth 1 core . contact local lawyer and pay his fees .
in any case you have to engage a lawyer if you are entering tino development agreement with builder . take care to protect your interests . or you will lose the land as well as money
