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Joint Development Agreement Budget 2018

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. Therefore, the Assesse`s comments, which will take into account the counterparties mentioned in the non-recorded agreements in the calculation of the cost of acquisition, cannot be taken into account. This section has only been made applicable from A.Y.2018-19, which leaves no doubt that it should apply only from that evaluation year. But if you look at the purpose of this section, as explained in Finance Bill 2017, it tries to minimize the true hardness that the owner can suffer when paying capital gains tax in the transfer year. It is, therefore, basically a beneficial or curative provision that aims to eliminate distress. It can therefore be interpreted that such a provision should only be applied retroactively. In the case of Allied Motors (P.) Ltd. v CIT 1997 (3) TMI 9 – SUPREME COURT and CIT v.

Alom Exrusions Ltd. 2009 (11) TMI 27 – SUPREME COURT, the decision of the Supreme Court of Hon`ble may be referred to. Several high-level courts and courts have also refused to maintain the notator`s claim on consumer costs for acquisition on the basis of unregistered agreements. Please read below a list of these cases: 1, Shagan Lal v. ITO Ward-II (4), Abohar (2018) 89 taxmann.com 117 Amritsar Tribunal) (See by. 28) No mention of any other amount paid by unregistered agreements is mentioned in the sale decision. In addition, stamp duty was only paid on 11.16,000 applications from the Assessee. In the current scenario, where different players related to the real estate industry really need to be promoted by the government in different corners, encouraging property owners to conclude JDA agreements is a highly anticipated and welcome step. While there are a number of inconsistent concerns that I hope the government should address, the Department of Finance has reviewed various submissions, while proposing an amendment that will help end long-term uncertainty and significantly reduce litigation.


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