Real Estate India: Tax On Construction Of Building

-
Question asked by Mr Wilbur D'Souza from Mumbai

Hello, Im keen on constructing a building on my own property from which I will be forming a small partnership company. How will the tax be calculated? And what will be the percentage of deduction on the profits? Will appreciate if you could give throw some light on this.

Thank you.
Regards
Mr. Wilbur D'Souza, Mumbai

Vatsala Answers:

Is the partnership in the business of construction and sale of properties? If so, then the land and building will be considered as stock in trade and no capital gains will be charged on transfer. The tax you have to pay is the normal tax on profits made by the partnership firm at the end of each financial year. Vatsala
http://www.atoneplace.com\

For more information, kindly visit at Real Estate India or Online Real Estate Video.

Popular posts from this blog

Real Estate India: Information about selling gifted property

-
Question asked by Mr Asma Ashfaq: Hello I am interested in selling a property received through a gift deed from my father. Will this invite capital gains tax ? Regards Asma Ashfaq Vatsala Answers: You can sell the property received through gift deed from your father. It will definitely attract capital gains tax. After payment of the applicable capital gains tax, the balance amount can be repatriated upto a maximum of 1 million US Dollars. Vatsala http://www.atoneplace.com For more information, kindly visit at Real Estate India or Online Real Estate Video .
Read more

Real Estate India: What kind of legal action can be taken if the builder does not fulfill the promises they make at the time of the booking?

-
Question asked by Mr Pankaj Shrivastava: I have purchased a flat at Kalyan, Maharashtra. At the time of booking it was told that all the trivial issue would be taken care of however now they are backing out. Some of the issue that I’m facing is listed below please let me know what kind of legal action can be taken. For their safety they have no prints / brouchers etc. Issues: 1. Irregularity in color shade of Bathroom tiles. 2. No night lamp point in Bedroom 3. No electric point for dining area 4. Electric point placed just beside the shower 5. Broken titles in Bathrooms and living room. Mr. Pankaj Shrivastava Vatsala Answers: If the builder has not specifically undertaken to give night lamp point, electric point in dining area, it cannot be enforced. However, the broken tiles and electric point just below the shower can be rectified by going to the Consumer court (within the limitation period) as it will constitute deficiency in service.Vatsala http://www.atoneplace.com For more infor...
Read more

Real Estate India: What legal action can be taken against the builder?

-
Question asked by Mr Gautam Dutta: Hi, Recently, I have brought a property where after completion of sale deed builder is charging extra money for registration saying it was an approximate. But where as during the time of booking there was no approximation mentioned in the form and proof of which is the carbon copy. After booking of form they have manipulated the original form by writing approx on the right hand side of registration cost which is clearly not there in carbon copy. Second thing they have issued a letter for remodeling of house which they are delaying or trying to skip. They are charging money for extra registration cost as well as I may have to incur some loss for remodeling otherwise they are threatening not to give the possession certificate and parking allotment. Where as in Sale deed a covered area parking allotment is mentioned and they have already taken money for that. What all legal action can be taken for this and how long it can bother me? With Regards Mr. Gaut...
Read more