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Taxation in the hands of Developer in case of Joint Development Agreement

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(Querist)
29 July 2022 Dear all,

Hope your doing well,

My query :- What is the tax impact for developer in case of JDA, Does it treated as business income.? if yes how to disclose the same in ITR.?? and can i file through sec 44AD .??

Total Sale Value of 5 Flats is Rs 85,00,000/-

Please give guidance on this

Thanks in advance

Regards
USHA B G
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
30 July 2022 Yes, its business income.
Yes, it can be declare under sec. 44AD of IT act.
If developer had these 5 flats as share in the JDA, and sold for total consideration of 85 L; he can offer minimum 6/8% over the receipts as his profit, as and when these flats are sold.
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USHA B G

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USHA B G (Querist)
30 July 2022 Does it impact GST sir
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
30 July 2022 Yes, GST is applicable for JDA development.
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