We the Central Govt Employeesin Bangalore intend to purchase the residential sites through Group scheme, we donot have a registered society. If we purchase through developer the cost is too much. Hence we want to purchase land and distribute it amongst us as sites on no loss no profit basis . We have formed a committee to deal the puchase.
Please answer the following questions.
a) Can the committee purchase the land in its name and distribute to all members through MOU.
b) Is there any problems like Income tax capital gains.
c) what is the procedurer for purchase of land by commitee members and distibution as residentail sites.