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What is my tax liability if I permit to build apartment on my land? - Property Hotline
Posted
December 29, 2016
Views
582
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December 29, 2016
582
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2:54Now PlayingExpert: Ashish Sodhani, Tax Expert
Question: I’m approached by a builder to build an apartment complex on my land. Is it true that I need to pay advance tax on the possible future capital gains as soon as the agreement is signed?
Answer : In a JV agreement of this sort, apart from capital gains, the future income that you would be making is subject to tax. In JV, you are making business income and everything that you are earning is subject to 30% tax as opposed to capital gains which could be 10% or 20%.
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