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Question ID : 44404

Promoting & Development on a piece of land jointly owned by a couple

A piece of land is jointly owned by a couple (equally shared by husband and wife). Now they wish to construct residential and commercial buildings on such land, partly for sale and partly to be retained for letting them on hire. How should they go ahead with the business proposal? a) Should they share all construction expenses and building sale proceeds individually? Should GST registration be taken by each individual separately? b) Should they form a partnership firm (above couple being the two partners) to carry on the building development (construction and sale) part? In that case there should be a joint development agreement amongst the land owners and the partnership firm, against considerations either in cash or both cash and sharing constructed building area? c) What should be the income tax effect under each option? Please share your views. With regards! Alok Saha

posted by ALOK NATH SAHA on Nov 23 2022 12:00AM

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