If the payment of the consideration within the agreed time frame consists essentially of the sale contract and these payments are not made in a timely manner by the purchaser, such a contract does not confer any, since the lessor has transferred the property to the developer/buyer with significant property risks and benefits, it will account for the revenue according to AS-9 Revenue Recognition (note that the transfer of land does not correspond to the construction contract decided by AS 7). I have old farmland on the outskirts of Pune, about 10 km from the city of Pune. I want to give it for the development of the joint venture, the developers will build the residential tower, shopping mall, computer park, it tower lease, etc. The developers also give rs. 10 lakes as tokens for the signing of the JV Aggrement in November 2018. I would like to know what my income tax commitments are. if so, then how to save income tax. c. If the completion level is less than 25% of the total construction and development costs, reasonable level of development does not reach 27-7-17 we have signed an agreement on 100/- stamp paper that the owner will give 40 lakhs as a refundable deposit to the owner of the land that will be reimbursed by money or by art dh. By dropping an apartment. By division, the master of the country received 9 apartments, and the owner received 11 apartments. On 28-7-18, the JDA was registered.
To put the agreement in order, the refundable deposit was paid in the form of a non-refundable deposit and only 8 apartments were handed over to the owner of the country and 12 apartments were taken by the owner. The work will be completed by 2019. The master received 40 lakhs in the form of a non-refundable deposit. How this is treated in capital gains. B. Completion phase of the project reaches an appropriate level of development More than so passed, the FM speech shows that “149. The Joint Development Agreement, signed for the development of real estate, is responsible for paying capital gains tax in the year the project is completed. Sir, please advise me in my case. There was an ancestral 1000 sqft land. In 2014, there was an agreement between me and the owner to make an apartment on action. No cash benefits were received. In agreement, 4 years to complete the project, but not yet completed.
The card and the corresponding authorization were signed around 2016. The property tax is also filled by me until today. I must now file housing tax returns in accordance with the 2014-2015 income tax notices. But I was not aware of this tax. And now it`s the case of the head of income tax on appeal last year. That`s a long time. Please guide me on the tax year. And the 2017 Amendment Act affects my case.
Separate criminal proceedings will also be initiated in this case. And the demand for amount as tax also draw interest until the case is not closed. Developer is a company that includes individuals, companies, LLP companies and companies that must meet accounting standards and guidance rating.