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Taxability under joint development agreement

Tax queries 321 views 2 replies

NISHA AGARWAL

Chartered Accountant

454 Points Posted on 01 September 2019

The land owner received 2 Flats as consideration under the JDA. One of the flats has been sold off during FY 2018-19 and the second one is still held by the land owner. How shall capital gains be calculated by the land owner? and what shall be the value of the second flat to be shown in the books?

Replies (2)

May G

9 Points Posted on 01 September 2019

if flat is sold after receipt of cc:
2 cg will arise one of against land and one of flat..
for land stamp duty value of both d flats plus money recd if any will be sale consideration..
and for sale of flat whatever sale consideration he have recd less stamp duty value as on date of cc will be taxable..

NISHA AGARWAL

Chartered Accountant

454 Points Posted on 02 September 2019

Originally posted by : May G
	if flat is sold after receipt of cc:2 cg will arise one of against land and one of flat..for land stamp duty value of both d flats plus money recd if any will be sale consideration..and for sale of flat whatever sale consideration he have recd less stamp duty value as on date of cc will be taxable..