If I have received part compensation under Joint Development Agreement on which TDS is deducted at 10%, but have not received certificate of completion either in part or full, then can I not offer the consideration to tax in this year as per section 45(5A) and also carry forward TDS to next year?
Not possible, as whenever you try to get refund of the TDS (of course in the year of completion), the system will not process it unless you offer the tax over the income (i.e. reassessment !!!).
The reason::
Section 45(5A) specifically provides that capital gains shall be chargeable to income tax as the income of the previous year in which the completion certificate is issued, not the year of receiving the consideration.
Getting refund is not objective. I am ready to offer income and TDS both in the next year. But not sure whether system will allow it
The system will allow it in the year of its completion, nay be based on date declaration in ITR.
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