Question

What is chartered accountant opinion of capital gain tax of landowner jda on march 2017 as per income tax act

Answer 1

A capital gains tax is a tax on capital gains, the profit realized on the sale of a non-inventory asset that was greater than the amount realized on the sale. The most common capital gains are realized from the sale of stocks, bonds, precious metals, and property.
According to section 194-IC, if under a joint development t agreement, any developer pays any amount to the land owner in addition to the share in the project, then such builder shall deduct TDS @ 10 % (Tax Deducted at Source) on such payment. The scope of Capital Gains in Joint Development Agreement is a vast one.
The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue. The taxation of Joint Development Agreement was never jointly agreed by the A.O. and the Assessee. There were a few hiccups in the law that were driving a way for litigation from decades.

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