Joint development agreement's property sold before completion of certificate

This discussion addresses the tax implications when a property under a Joint Development Agreement (JDA) is sold before a Completion Certificate (COC) is issued. Section 45(5A) of the Income Tax Act typically applies to such cases, but a proviso excludes sales before COC. Therefore, the transaction falls under Section 45(1), meaning tax is charged in the financial year the transfer (exchange) occurs, which is the year of the agreement. Since the agreement was in FY 2016-17 and returns cannot be revised, the user seeks advice on how to manage this in the current financial year.