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What is the tax impact on JV with builder? – Property Hotline
Posted
June 23, 2016
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June 23, 2016
555
2
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0.54%
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3:14
1:59Now PlayingBe Un Confused
Expert – Jayesh Kariya, Tax Expert
Question: I am in a joint venture with a builder and the project will be completed in June 2017. I have received Rs 70 lakh from the builder for the joint venture. Do I have to pay capital gains tax?
Answer: It is presumed that you are the owner of the existing property / land parcel. If so, then the amount of Rs. 70 lakh is received from the builder as a refundable deposit, it is not an income.
If Rs. 70 lakh represents upfront payment from the builder, the same would be subjected to capital gains tax.
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