development agreement tax issues, Income Tax

[Gagandeep Singh]

Hello SirI (land owner) have entered into a development agreement with a developer for construction of residential flats on my land. The owner allocation will be 40% of the constructed area while the developer will take away rest 60% and have the rights to sake his part. Whereas the land owner has received his 40% of constructed area he has kept it as it is (he had not sold his part and the rights are with him).I want to know will any tax be levied on the land owner as there is no cash transaction and he only received 40% of the constructed part.

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in the above issue? If not please inform.