With the introduction of a new section 45 (5A) in the IT act 1961, assessees cannot avail the benefit of sec. 54 EC in respect of cash portion of LTCG of Jont developemt venture agreements where the registration of Jont developemt venture agreements takes place in a FY and the completion certificate of the new asset ina diffrent FY. Can u please confirm
Menu
Capital gains
Replies (2)
Correct
As per Section 45(5A) the captal gain arising from transfer of land or buidling as increased by the amount of cash consideration if any received shall be taxed in the year in which the Certificate of completion is received. Hence the date of registration of JD agreement is irrelavent to determine the year of taxability of capital gain. So the benefit of section 54EC shall be applicable in such case.
Recent Topics :
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
- HDFC Bank’s Bureaucracy: The Nightmare of Fl
- Running a CSC Center, Maha E-Seva Kendra, Setu Ken
Related Topics :
CAclubindia
