What is a Contractual joint venture?
What is a Contarctual joint venture? Can explain with examples?
and what are its benefits? does it attract fdi policies?
FDI is not concerned whether it is a company or any other form of business venture. FDI is status specific related to residence.
If a foreign person invest in India or does any business in India, he is well covered under FDI policy.
Joint venture is like an association between two or more persons to undertake a venture/project.
If an Indian company have a JV with a foreign company in India, FDI policies are attracted. You need to check the nature of project and based on that FDI policy are applicable.
We have made a joint venture with a builder and the land is belongs to us. The builder has paid Rs.30 Laks in last year (2014-15) and still he has to pay something.
Now is this Rs.30 Laks taxable? If yes how to treat the amount and what is the technical name for the amount received from the builder.
The agreement is like that:-
He builds the whole apartment, in that totally 40 flats, we devid 20:20 and he pay us around 50 Lakhs also in tow years. Now How to treat this transaction in Income Tax. Kindly explain.
Thanks in advance.