Joint development agreement

Querist : Anonymous (Querist) 25 November 2018 This query is : Resolved
Mr A and Mr B is having a piece of open land approx 1200 sq ft.
I am entering into an agreement for purchasing the said land and constructing a 4 floorey building on the land.
The cost of construction will be borne by me and after the construction is completed, the floor area of 2nd & 3rd floors will be gifted to Mr A and Mr B.
The construction is supposed to be completed within 24 months and the floor ares of Ground & 1st floors will be sold immeditely i.e within 24 months

What will be the taxes for me, Mr A and Mr B...?

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Querist : Anonymous (Querist) 25 November 2018
I am not into the business of purchasing and selling of properties, I am an employee of PSU.

kavksatyanarayana (Expert) 25 November 2018
Consult the local senior CA. or put a query in CA club India.

Message likes : 1 times

Dr J C Vashista (Expert) 27 November 2018
Vague query qua taxes on A & B ?
An anonymous author.

Kumar Doab (Expert) 30 November 2018
Pls don’t post as AQ and post with your ID and you can get many responses.
Your ID does not mean your email id or phone number etc and don’t post these.
Before attaching any document erase all names, logo, email id, phone number, address etc to maintain confidentiality.
Obtain proper legal opinion in writing from LOCAL counsel specializing in concerned field of law.

You can also post at LCI groupwebsite CAClubindia.

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