Hello All Seniors & Friends,
Please help on one query.
My friend entered on Joint Development agreement (JDA) in 2006 and he will get 2flats in 2018, as per Agreement.
Will Section 45(5A)will be applicable as he is receiving flats as per agreement on 2018, he have not paid any tax in 2006 and thereafter.
Subsection 45(5A) introduced with effect from 01-04-2018, i.e., from the assessment year 2018-19.
As per this new sub-section 5A capital gain liability gets triggered only after certificate of completion for the whole or part of the project is issued by the competent authority.
This newly introduced provision is in contradiction with the pre-amended provision whereby capital gain liability got triggered the moment the property was put in possession of the builder/developer.
CAclubindia
