Joint Development agreement

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CA Vishal Pukale DISA (Querist)
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30 December 2019 Dear Sir,
In case of Joint Development agreement as per general practice the landowner gives land to
builder through development rights , then builder will gives some flats to landowner as per agreement.
1)Whether the accounting entries need to pass in the books of builder for flats given to
landowner ?
2) Whether the Flats given to landowner will be considered as turnover as per income tax Act ?

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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29 May 2020 https://www.caclubindia.com/articles/joint-development-agreement-a-business-model-part-2-22420.asp

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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29 May 2020 http://lunawat.com/Uploaded_Files/Presentation/Accounting&TaxationofRealEstateBuilders-Allahabad.pdf

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