Capital gain under JDA

If I sell land under JDA... & in exchange I get the flats as a consideration which is reflecting in AIS/TIS & TDS @ 1% is done on same..... so shall I offer this amount reflecting in AIS as capital gain?
& can I claim exemption u/s 54F ...
i. e... I sold land & re-invested in residential flats which I got in exchange... ???
Replies (2)
Quick Summary
This discussion explores the tax implications of selling land under a Joint Development Agreement (JDA) where the consideration received is in the form of flats. The user is asking if the value of these flats, reflected in AIS/TIS and subject to TDS, should be treated as capital gains and if exemption under Section 54F of the Income Tax Act can be claimed. While one response confirms the possibility of exemption, another raises a doubt, suggesting Section 54F might not apply if the capital asset sold isn't a residential house property.

Correct. you can get exemption u/s. 54F IT act.

I don't think 54F will apply as the capital asset sold is not a residential house property

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