Quick Summary
The Income Tax Department is preparing a drive to urge landowners who entered into joint development agreements (JDAs) but did not pay capital gains tax to settle their dues voluntarily. Sources revealed that in Kolkata and Bengaluru alone, around 25,000 to 30,000 such entities have been identified,
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
Buy CCI PRO Now
Already a PRO member? Login here for an ad-free experience.
FAQ :
The Income Tax Department is launching a 'Nudge Campaign' to encourage landowners who have entered into joint development agreements (JDAs) but have not paid capital gains tax to voluntarily settle their tax liabilities.
JDAs are arrangements where real estate developers and landowners collaborate, often for constructing multiple units on a piece of land. Landowners are required to pay capital gains tax on transfers made under these agreements.
The campaign will involve sending emails and correspondence to identified taxpayers who have entered into JDAs but have not paid the applicable capital gains tax.
Voluntary compliance will ensure no penalty is imposed. For cases from previous financial years, an additional 25% may be applicable if not settled voluntarily.
Yes, this initiative follows the department's increasingly successful 'Nudge' strategy, which has been used for campaigns targeting foreign assets, virtual digital assets, and HRA exemptions, encouraging compliance without punitive action.
CAclubindia
