Non registration of Joint Development Agreement – No capital gain Taxation even if possession handed over as advances or loans, which form a distinct category of financial transactions.” Punjab & Haryana High Court in the case of Pr. CIT Vs Dr. ...Read More
JDA – Income Tax Liability arises at the time of issue of completion certificate.
Joint Development Agreement: Income Tax Liability arises at the time of issue of completion certificate. Concept of Joint Development Agreement : It is the registered agreement in which person owning land enter into agreement with another person to develop a ...Read More
Taxation of Joint Development Agreement [JDA]
Taxation of Joint Development Agreement [JDA] “Hardest thing to understand is income tax”- Albert Einstein. “Income tax is leviable only on receipt of income” is the normal presumption of the taxpayer. It’s not always correct. Actual receipt of income is not the ...Read More
Section 45(5A) – New Simplified mode of Taxation of Joint Development Agreement
New sub-section (5A) is insert in section 45 by the Finance Act, 2017, w.e.f. 1-4-2018 to tax joint Development agreement. An easy and simple worded section reads as under : Section 45(5A) (5A) Notwithstanding anything contain in sub-section (1), where the ...Read More
Date of signing the joint Development agreement is not fully relevant for determining the Capital Gain Tax liability !!
CIT vs. Dr. Arvind S. Phake (Bombay High Court) Section 2(47)(v): Immovable property is regard to have been transferr on the date of execution of the Development. Agreement and irrevocable General Power of Attorney only, if the terms indicate that ...Read More