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No Capital Gains Tax on JDA Execution Until Land Possession Is Handed Over
Case Law Details
- Case Name
- Srinivas Pampati Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Hyderabad
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Srinivas Pampati Vs ITO (ITAT Hyderabad)
No Capital Gains Taxable on Mere Execution of Development Agreement Without Transfer of Possession – Section 2(47)(v) Not Attracted: ITAT Hyderabad
Both Assessees were joint landowners of 6,380 sq. yds. of land at Karimnagar. On 02.03.2013, they along with two others entered into a Development Agreement-cum-GPA (JDA) with M/s. Shriyam Infrastructure for construction of a multi-storeyed residential complex.
Under the JDA:
The total built-up area was 1,28,350 sq. ft.
Landowners were to receive 32% & developer 68% of the constru...
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