What are Tax Liability Compliances under Joint Development Agreement in case of Co-Owner in following scenario:-
1. Sale of Developed Flat before CC but registered and Ownership Transfer
2.Sale of Developed Flat before CC but not registered and possession transfer
3. Sale of Developed Flat after CC but not Registered and possession transfer
4. When CG arise on JDA between Land Co-Owner and Developer and how to calculate?
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Joint Development Agreement in case of Co-Owner u/s 45(5A)
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Summary: Under Section 45(5A), capital gains on a JDA are taxable in the year the Completion Certificate is issued. The Full Value of Consideration is the Stamp Duty Value of your share of the property plus any cash received. Any subsequent sale of these flats is treated as a separate capital gains transaction, where the Cost of Acquisition is the Stamp Duty Value used during the initial JDA tax assessment.
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