Income tax on Premium payment by Developer

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  1. Gaurav Biswas

    Gaurav Biswas New Member

    Dear Sir/ Madam, We own an old property in South Kolkata. As is popular among most landlords, we have decided to engage with a reputed developer for a Joint Venture development of the property. At the time of signing the Joint Development Agreement, the builder has proposed a one time non-refundable premium amount for us. Other than this there will be no transfer of money.

    Our entitlement being a certain share of the constructed property after 24 months. Can you please help us with the tax implications of the same? Also, seek your advice on how exemptions can be claimed. Thank you.
     
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