In a jv agreement, land owner and builders are treated as partners.
When Land owner transfer his property to jv as his share, it will liable for capital gain tax.
**** For calculating capital gain tax, the sale consideration is the market value of the land on the date of transfer of land into jv.
Business income of jv will be liable to tax after allowing expenses. (allowable as per IT act)
On the date of sale of the property it will liable for capital gain tax in the hands of owner(as stated above in point denoted as *****)and on the date of sale of the built proeprty or flats etc. are business income of jv, liable to tax in the hands of jv.