Section 45(5A) of Income Tax Act, 1961

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Bhavana (Querist)
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23 March 2024 As per Section 45(5A) of Income Tax Act, 1961, relaxation to pay tax arising from a Joint Development Agreement at the time of receipt of occupancy certificate is given only to Individuals & HUF. There in the case of a pertnership firm or an LLP, tax is still payable at the time of entering into Joint Development Agreement. My query here is, in the case of an LLP or a Partnership firm that is in real estate business, the tax on Joint Development Agreement shall be paid under the head Capital Gains or Income from Business ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 May 2024 For the firm being engaged in such development activities, it will be under business income.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 September 2024 Good Luck.

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Section 45(5A) of Income Tax Act, 1961

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