Budget 2021- Joint Development Agreement needs proper attention

Joint Development of the property is the order of the day. However, controversies loom large with regard to date of transfer which would determine the year in which capital gain tax liability would arise. This is in spite of enactment of section 45(5A) of the Income-tax Act (the Act) with effect from 01-04-2018 i.e., Assessment Year 2018-19 as per which capital gain liability gets triggered only after certificate of completion for the whole or part of the project is issued by the competent authoJoint Development of the property is the order of the day. However, controversies loom large with regard to date of transfer which would determine the year in which capital gain tax liability would arise. This is in spite of enactment of section 45(5A) of the Income-tax Act (the Act) with effect from 01-04-2018 i.e., Assessment Year 2018-19 as per which capital gain liability gets triggered only after certificate of completion for the whole or part of the project is issued by the competent authotaxmann.com Latest ArticlesRead More

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