The stock held in the trade can only be considered transferred during the year in which the notator executed the result of the sale by transferring the stock to the trade, and not if the notator gave the owner a common development stock. As has already been argued in the above cases, the provisions of Section 2, paragraph 47, point v) would apply only to the asset and not to the asset in the trading. The discussion above shows that both laws have previously recognized the date of the /deed/conveyance agreement as the date of transfer of property rights over development rights. That was the biggest problem for the evaluators as well as on the tax side. However, the government has made efforts from time to time to streamline, synchronize and simplify the law. Other definitions and provisions of gst law are also related to the rera Act 2016. It is clear from the fact that the tax point and tax value are now more or less synchronized under the IT and GST laws. If, as part of a development agreement, the auditor authorizes the developer to enter the premises of his land in order to take all necessary measures to build housing, it could be said that the auditor handed over ownership of his land to the developer and therefore made a «transfer» in accordance with Section 2 (47) and was taxable as a capital gain in the year in which an agreement was reached. Since the contract is partially in accordance with the contract of nature covered by section 53 of the Property Transfer Act 1882, Section v of Section 2 (47) is clearly attracted.
The GST provision for the real estate sector changed from 01.01.2019. Prior to 01.04.2019, tax rates were higher and other ambiguities in some areas. So, to get a clear idea of controllability, we divided our discussion into two parts: controllability before 01.04.2019 and controllability after 01.04.2019. i. Transfer of the right to operate from the owner of the land to the owner. JiG`s tax obligation after 01.04.2017 In order to reduce the true harshness to which the landowner had to deal with capital gains tax during the year of the transfer, a new subsection (5A) of Section 45 of the Act was inserted to provide that, in the case of an assessor as an individual or undivided family (HUF), who enters into a registered agreement for the development of a project, the capital gains from income tax are charged to income tax as income from the previous year in which the certificate of completion of all or part of the project is issued by the competent authority. – The owners want to build a building on this land. but due to the erroneous experience in the construction and development of land, the same for development was entrusted to developers A new section 194IC was inserted, the 10% source tax deduction (TDS) is paid by the developer for each sum in return (not in return in kind) to the individual resident / HUF land applicable to the section 45 contract (5A). In addition, there is no threshold, i.e.
it applies independently of the payment. The author believes that the landowner`s responsibility for the newly inserted subsection is deferred until the project is completed, but that care must nevertheless be exercised when developing the CCM. A small note may give the AO the impression that a «transfer» is being made on the day of the agreement, as stated in Section 2 (47) of Section 53A of the Transfer of Ownership Act 1882.