In the joint venture land development agreement the landowner agrees to transfer the undivided share of the land to the extent of 1/3rd of the total area and agrees for the development of the land into residential units. In such a case weather the title to the land to the extent of 1/3rd passes to the developer once the JV agreement is registered or a separate sale agreement has to be registered ?
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Transfer of property
Replies (3)
Title of land doesn't get transferred by JV; only encumbrance created..
Thank you for the clarification. To avail the benefit of Sec. 54 EC of the IT act we have to invest in the specified bonds within 6 Months from the date of sale. In this case LTCG consists of cash + newly constructed residential house. So I would like to know when does the 6 Month period end.
As per finance bill 2017, the new sub-section (5A) is inserted in section 45, which states that:
"In case of an assessee being individual or Hindu undivided family, who enters into a specified agreement for development of a project, the capital gains shall be chargeable to income-tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority."
Which means the 6 months should end from the date of completion certificate.
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