Answers On Topic: joint venture
  Receipt from Joint venture
Assessee along with the family members are owners of land . Since they do  not have any knowledge of construction and development of project, They have decided to join the hands with the developer in Joint venture . the main terms of Registered JV are as under :- a. The two parties have decided to work on a Principal to Principal basis b.The detail role and responsibility of the individuals and the Developer have been noted in the JV. The entire cost of construction will be borne by developers and assessee and his family members will not be responsible for…


► Read Answer