Assessee and 10 others friends have purchase two plots in The year 2019.and decided to do the construction. Also got the plan approved from Local authority in the name assessee and others. All the owners of land have executed MOU cum declaration where they have mentioned that all have agreed to open Escro account and which will be operated by assessee and one more person from remaining land owners. Each owner will contribute amount require for construction in the same proportion of their ownership of land. In the said declaration they have also mentioned the ratio of profits and losses…
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BOI OR Co ownership