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Taxation of Real Estate Developers & Joint Development Arrangements with Accounting Aspects By Dr. Raj K. Agarwal and Dr. Rakesh Gupta
In 2011, we came out with a book on the subject “Law Relating to Income Tax Search and Seizure”, incorporating our practical experience of professional practice of last 25 years. The overwhelming response and appreciation received by the above book has encouraged us to address another complex income tax subject regarding tax issues of joint development arrangement of real estate.
Joint development of real estate by land owner and developer involves several intricacies and complexities from the civil and taxation point of view. Determination of the quantum and the year of taxability of the income generated by land owner and developer involves several complex tax issues. There is no specific income tax provision under the Income Tax Act to address various tax issues relating to such special arrangement of development of real estate. Joint development of real estate is a new Phenomena and the income tax law in this respect is in the process of development by way of judicial pronouncements. However, Courts have, at times, rendered divergent views on various complex issues. Joint development of real estate involves various complex issues relating to VAT, Service Tax, Stamp Duty Act etc. also but in this book we have addressed only accounting and income tax issues, which is the area of our specialization.
We have addressed tax issues relating to land owner and developer. In the case of joint development of real estate, the other stake holder is flat owner or buyer of real estate also.
We welcome and invite suggestions in this regard from our esteemed readers.
No specific income tax provision under the IT Act relating to special arrangements of development of real estate. It’s a complete Guide to Accounting & Tax Issues Pertaining to Joint Development Arrangement of Real Estate. https://www.taxmann.com/bookstore/professional/taxation-of-real-estate-developers-and-joint-development-arrangements-with-accounting-aspects.aspx
