More Details about Taxation of Real Estate Developers & Joint Development Arrangements with Accounting Aspects

General Information  
Author(s)Dr Raj K Agarwal and Dr Rakesh Gupta
PublisherTaxmann Publications
Publish YearDecember 2015


A Complete Guide to Accounting & Tax issues Pertaining to Joint Development Arrangement of Real Estate

  • Critical Income Tax issues relating to joint development arrangement of real estate
        1. In the case of land owner
        2. In the case of real estate developer
  • Income Tax issues relating to determination of year of transfer of capital asset and value of sale consideration in the case of joint development of real estate, particularly when joint development agreement is drafted in complex manner.
  • Analysis of provisions of :
        1. Section 2(47) : Definition of “Transfer” of capital asset
        2. Section 45(2) : Conversion of capital asset into stock-in-trade
        3. Section 50D  : Fair Market Value deemed to be Full Value of consideration
  • Attraction of capital gains tax liability in case of transfer of Agricultural Land.
  • Analysis of various judgments of ITAT & High Courts applicable to the Land Owner and real estate developer in the case of joint development of real estate.
  • In depth analysis of Guidance Note on Accounting for Real Estate Transactions (Revised 2012) issued by the Institute of Chartered Accountants of India (ICAI), applicable to real estate developer.
  • Analysis of applicability of principle of Revenue Recognition to real estate developer at different point of time.
  • Analysis of applicability of Income Recognition to real estate developer under International Financial Reporting Standards (IFRS) & Income Computation and Disclosure Standards (ICDS) regime.