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JOINT DEVELOPMENT AGREEMENT
A friend entered into JDA with builder in 2018.
Original land bought in 1970 and house constructed there on.

The salient features of the agreement was that the builder was to demolish old house on the land and construct 4 floors and in addition pay the owner 10lacs.
In lieu, builder will get top floor.

In 2020 whole building was completed and builder exercised his right to sell the top floor. However, on paper the floor was sold directly by friend (owner) to buyer at Rs.10 lacs which is also the Stamp duty value and circle rate. The actual sale amount was higher and the builder pocketed the amount above Rs.10 lacs. What would be my friend's tax implication on this transaction?

Later, in 2021 owner sold 1st floor for 40 lacs.. what would be tax implication for this transaction and the tax implication when he sells his other two floors also?





By: ANIL
WE DON'T KNOW
PLEASE ASK TO OTHER PEOPLES

THANK YOU
TAXMANN.COM


By: TAXMANN
WE DON'T KNOW
PLEASE ASK TO OTHER PEOPLES

THANK YOU
TAXMANN.COM


By: TAXMANN



899139
 
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20 Apr

☑ Monthly | GSTR-3B

GSTR-3B for the m/o Mar 2024 (Monthly Taxpayer - Rule 61) - Either Compulsory taxpayer > 5 cr. or Voluntary taxpayer < 5 cr.

☑ Monthly | GSTR-5A

GSTR-5A for the m/o Mar 2024 [Return by OIDAR Service Providers - Rule 64.]

22 Apr

☑ Quarterly | GSTR-3B

GSTR-3B for the Quarter Jan - Mar 2024 (QRMP Taxpayer < 5 Cr - Rule 61) - Category I States.

* State Category I - Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep.

24 Apr

☑ Quarterly | GSTR-3B

GSTR-3B for the Quarter Jan - Mar 2024 (QRMP Taxpayers < 5 Cr - Rule 61) - Category II States.

* State Category II - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi.

25 Apr

☑ Half-Yearly | ITC-04

ITC-04 for the half year (Oct - Mar 2024) (For taxpayers > 5 Cr. Turnover) - Rule 45.

☑ Annual | ITC-04

ITC-04 for the FY 2023-24 (For taxpayers upto 5 Cr. Turnover) - Rule 45.

28 Apr

☑ Monthly | GSTR-11

GSTR-11 for the m/o Mar 2024 (Statement of inward supplies by persons having Unique Identification Number (UIN)).

30 Apr

☑ Annual | GSTR-4

GSTR-4 (Annual Return) for FY 2023-24 by Composite Taxpayer (Rule 62).

☑ Quarterly | QRMP

Last date for opt-in / opt-out QRMP Scheme for quarter Apr - June 2024 (Rule 61A)