development agreement tax issues

[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.

AI Summary

Landowner and Developer Split Residential Project; Inquiry on Tax Liabilities Without Cash Transactions Under Agreement A landowner entered into a development agreement with a developer to construct residential flats on his land. The agreement allocates 40% of the constructed area to the landowner and 60% to the developer, who has the right to sell his portion. The landowner, retaining ownership of his 40% share without selling it, inquires about potential tax liabilities, given the absence of cash transactions. A respondent, MARIAPPAN GOVINDARAJAN, asks if the issue has been clarified, indicating a need for further information or assistance.