I take x amount as consideration at time of signing JDA as owner and want to show it as cash consideration (Sec 45A) when the project is complete and then calculate my LTGC liability .How do I describe this amount in the JDA?
If I mention it as cash consideration will the developer be obliged to deduct TDS of 1%?
If so ,it will reflect in my 26AS for the current year whereas the project will be completed say 18 months later.When I file my return then how will the amount of TDS be reconciled?Will there not be a mismatch in 26 AS as I cannot show the X amount in the current year's return?
CAclubindia
