Taxmann's Taxation of Real Estate Developers & Joint Development Arrangements with Accounting Aspect by Taxmann

About The Authors

. gcsfrng niuoa o n i i tmose s i y r e e a r r i u l e da a r e t hn ava c r t t i g u e ncn nmr r i oai t e e c i t s hn n ense a i t S e r s p m s h u s y e t r s sAdfsesoi o n r i i t x e i a c paa h Beon r awe n h r n s phas t i as i d e e tMt ed t i ermCvu u n a r r H t t n , i o. osgb a a un a a . d a n t hMhe i C oas ls d i i g. ctescn I r f n o c t e uLCc cna sfonsa s e u oLfe A o i s a r u e o g r o c a S s c d t t , o h. n c o t s u d eyo i t cshnn Bt Ca t t i n Asceai l s.u e t d A r t a s uLtaC du d b a n i n p f n oLs t n & e e a suI oa i mor , s a i j r . o , n e a g oet omI xhcegsn t h e t a R c r e u i ofCt i a TeAtRlt r f c h o C H i e h h n t o ai . dt se tu . s C i mM r e ei r s e d n e o a skmerwn t I o t e bu c a a n I g t a f c d c t ee R g r t o i n n n a n enmt s a n i . I art , ri e boes s h d e x g n c e m u / l e C h i a I ss na bt bt t Ml t fu i a i eo r r r hawdmc e a d t o n n t h i e o r fet i Nnm l laMprnots a ee o u o a s e n t n cc h t HF t i I nf ee n i i d n t t ni et e g e s .sna o r r mnhneo iIiba e e e t c i I p t f s t p e c b d o e f o a n r g r o n s o n h s l h e a o n s s e t e a s i i cat s i A e f t v n r e n e h .a a cD dHeeeoer l s e p i p s t d t e . . na t e n mh sx ieHr t i i r e t a uad n s m ePo i .c a a3 d 4eiv n o i i i m i d 8 0p adcd I j d t i 9w 0o on cncn c f1 oa o aaAI 2t cI t Dr. RAJ K. AGARWAL

Dr. RAJ K. AGARWAL

desrssn r t e e a na s kahm ac a an u l 0oceieo 0vxpmHc 0dase 2ati cs. xg a n s f rnei i Tt u a amo l i oer e i ysorr c a w p na am, egi fo ft sh edgea vos o n h e n c s g e i i g n reudotwtc n t n l e r I e i n n i i n t i t a . tt a ei i i bu z H s s o s l tn ae wetHlcn t s . mt a i e a n g a I e aHa r s .n ga n es i f r s pe d n n u d Mnos.te r ma i n y I d t rat be pndt ua i h eIaalc wdewi i r f l t s a o r c o Tr onber yen. c i o r l a amHec tb V l h o. set r v . e e s l i as s t i a u s D e T c Fi M. n s dAad oni l D o t h p e l U ddeP i e n C a f t &ea s oo r nnt I a p s t e e a s e e af j e i p e e lrc amf nhta c eo Aci oapn ootr a R e i d t c a ssdyh xvnrrisa u t r p p utssbcha I r c oa e dnAanssTs xuea i e a r d ho e r at h a keeaSt n r pap e i n d gamt hTn t g p uaHa odva A n t a woa.niRo nng i R i m c a . c i c s d g a s ac i i s noRt mt n l / n nd l r e c i r i . a l aAInaa ut MIf s k f c f I g a i sdo o d/oue fxr e t i p b m eso lr m reMCi . r e n r d sB r h nad e f i e i t t go rn gn .ef bi ogn t t i a L r r aL o emsrH t sna a i e e a t i e h e hr r t n nscstr s t u n s a Cc t n u M u e i b r e eo oebi ha ljn fS i a p i s e r ca r o r p r t a R a 4 b c a y d e n p ras l 8dt enAe .9 os u r ova t fi atmD ea e gcw u 1 s p t t ene enrhr o c i e r o h m d r t e d C s en a f t l e s l of i e nnen o ee sb nC ha ogwys aobi I t Dr. RAKESH GUPTA

Dr. RAKESH GUPTA

I-5

Preface to Fifth Edition 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 except introduction of section 45(5A) by the Finance Act, 2017. 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, GST, 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. There are certain tax issues relating to buyer of real estate which have not been covered in the book. I-7

N O I T I D E H T F I F O T E C A F E R P

I-8

Finance Act, 2017 has introduced new section 45(5A)providing for chargeability of Capital Gain on transfer of asset in the hands of Land Owner in the case of joint development arrangement under certain circumstances. A new chapter has been added in the book “Analysis of Provision of Section 45(5A)” alongwith controversial issues emanating therefrom. b x

The fourth edition of the book covers two new chapters relating to analysis of deeming provisions of sections 43CA, 50C, 56(2)( )( ) and 23(5) and analysis of provision of section 80-IBA granting deduction to developers for construction of affordable housing. There are some more relevant topics, which could not be covered in this book so as not to delay the release of the book but we intend to cover these topics in future edition of the book, such as model draft of joint development agreement, precautions from income tax point of view in drafting joint development agreement, analysis of accounting standard-7. Development of law is a continuing process and with the passage of time and changing circumstances, new kind of issues and situations keep on emerging. We have tried to comprehend and address various tax issues which are faced by the land owner and developer, still there may be existing several more such issues. We welcome and invite suggestions in this regard from our esteemed readers so as to enrich the future edition of the book by incorporating such issues. E-mail :- raj@taxindia.net rakesh@taxindia.net

Dr. RAJ K. AGARWAL Dr. RAKESH GUPTA

M. No. 9810002906, 9810420515 This edition is being published giving effect of the amendments made by Finance Act, 2022 and various court decisions rendered during last one year.

Contents

E G A P

About the Authors

I-5 Preface to Fifth Edition

I-7

JOINT DEVELOPMENT ARRANGEMENT FOR REAL ESTATE

t n e m e e r g A t n e m p o l e v e D t n i o J f o g n i r u t c u r t S

t n i o J f o s n o i t i d n o C & s m r e T n o t gn ne i r m a e ee Br g gA nt i v n ae Hm p so r l oe t v c ae FD

1.5

r e d n u d e p o l e v e D s t c e j o r P e t a t s E l a e R f o s e r u t a e F r a i l u cA eD PJ

1.6

t n e m p o l e v e D t n i o J f o g n i t f a r D n i s e u) sA s D I J ( tt nn ae cm i f e i e n r gg i A S

1.7

d e w v e l i o v v f n o I t s n e i u o s p s I s ’ x r a e T n e w m o o e c h n t I t m n o a r c F fi i ) n g ( i S

t n e m e g n a r r A t n e m p o l e v e D t n i o J f o s m r o F t n e r e f f i D

1.4

1.2

) A D J ( t n e m e g n a r r A t n e m p o l e v e D t n i o J f o e r u t a N

iii

d e v l o v n I s e u s s I g n i t n u o c c A t n a c i f i n g i S ) (

w e i v f o t n i o p s ’ r e p o l e v e d e h t m o r F ) (

I-9

3 1.3

1 1.1

I-33 List of cases

S T N E T N O C

E G A P

TAX ISSUES FOR REAL ESTATE DEVELOPER

l a e R r o f n o i t i n g o c e R e u n e v e R r o f g n i t n ur oe cp co l Ae fv o e dD ot e ha t t e s ME ii

14 s r e p o l e v e D e t a t s E l a e R f o y t i l i b a x a T r o f d o h t e M e t a i r p o r p p A

13 ) M C P ( d o h t e M n o i t e l p m o C f o e g a t n e c r e P ) ( i

) M C C ( d o h t e M t c a r t n o C d e t e l p m o C ) (

dd eo t h e t l e p mM n oo Ct i e fl o p m no oC i t f p oo der age a p t gn o l nee i cv d r e re aP D gr e eo t r )t a yMs sCE r Cl e a v(e odR o rh t e th n oet cMy tb lc a a) i r c M t i n d C uoP JC(

18 3 0 0 2 , l i r p A t s 1 o t r o i r e pb l ea t c u i pl sp i p d a ns i ra a w e7 yoS t gA nl d i t o a l n e e r h sw e s a C ) ( M C P r o M C C e s o o h C o t e e s s e s s A e h t f o n o i t p O

)n) Me M vC Ci Cg P ( ( n do d oi o t hc h t t e e e r i Md M tdn c o ani r a t t e n sl t or p Cu m noo oCC i t e e e hg l t a p t myn e obc Cdr fee v o oP nr w opo i pl t l Ao p otf do o Ant

) M C C ( d o h t e M t c a r t n o C s dt er t u e o l p C me oh Ct y fb o d ne ov i t o p r op dp AA

e9 t a S 3tA 0sr E 0l e 2a p es 4 Ra 1 e en rh e o t t f oD At e eeb t lo u pbt a sc s i i a Dp l we npgt i a o rnnN i I a t een e Ym u c on oac a t c d geci nBAu i t 7&G a rh l S e e t i RApw o snld e e ev a s he e a CWDR ) (

M C P r o M C C e s o o h C o t e e s s e s s A e h t f o n o i t p O

) M C C ( d o h t e M t c a r t n o C s nt or i u t e o l C p me h ot Cy fb o d ne ov i t o p r op dp AA

)w Mo l Cl Co (f do ot d he ) t t M e c C Me rP i td ( c d a o d r nh t a n t ot se Cr M nun ooo i C i t t e e e l hl p t p mym obo CdC fee v o g o nr a t opn i pe t Ac p otr doe ANP

r cto n fiu f i c d eoe pcr c sa e ff d o i s eon s ck o no c eo s e bbb aro eet hps s t a d nd r i a e t t d a u n hp t a nmt ooS i cg t i ene s i omt s n po o up oc rn o r pi cu , c et p A hc n t aro oe et i t h a p wt st na ei u i v ndp lo em a i r i sa o c i i v pc d oex urr a Jppt

dt ec wA x oa l l T o Fe ym l o r a c l n u I ge eh Rt gf nor i 5e t n 4 p u1o l one co v ct ie Ac D fee o St a dft oos hnE t ol e i a s Mi e vR fo o rf ePo c e nes aha t cr c fie e i h n P gst i n Ai S

2.5

2.4

26 u

26 i.e.

19 u

18 u

17 2.3

i.e. i

15 2.2

13 2.1

I-10

E G A P

g n i t n u o c c A f o m e t s y s e l i t n a c r e M

e h t y b d e y o l p m E y l r a l u g e R s a g n i t n u o c c A f o e e ms s ee t s s s y SA

fei sg o b n s i dnat b n oae u hch t o etc e e nc Ms a o s te f s c s o e s aa i t ) r i t M r eo n h C ot hP Cf t ( u do d a eexo t h at mt e l oe e p mchM n oitn y rb Ce o i t shde wtel oesp h s l m e l w o s o f s , C )a eMd f eC no s s C e e (ag s a gdt s e a nt n i u e t ,n pc e s r ume a o coc P c ce f na ro I ynr boo i dt n eao z s i i n ua l i sn p e t fio e a ne d mn s ws ia t oe s s gss e i nh ei a ht e t n eh t euu t got f nc io act hase cfbm nouo s aedc cs n n roa i e p g cr si n fiu t t f pnu Oe ep m gh nt em i t o r s oac s t f e s r s e o l s f Aeas s i c s re e e t sna hs a t anm e i h e fit fs ho Wt e

,e /t t dr u rot a pt i des nrb ai tu t ds S ud gan nya i f t t i n ln ua u ouo cqc ctc a Ao nf wso s oe l k oo l o do f rb to o e t i nd h t sut e ac odj e dn e ear? e nn e s a o t s c i o e n NOp s i s a eAo crn en e s ahw a t de o ci s uhi nG wh I

2.12

n o i t a x a T f o e s a C n I e t a t s E l a e R f o r ”e r p e o f l s e nv ae r TD “e ft o a t es cE nl aa ve eR l e f Ro

2.13

te nr u ut oi cd cn ae p fx oe s ss ke on i os bu b es ha te l nb i a dw eo l dl i a v or? e rh e pt r u set eha sWn s n o-i l M t eCn l e Pg b agn ent i ein swo eoc rl l oo r Ff o

2.14

f o e l p r i c e np i o r l Pe v fe o D ee ct na at cs fiE i l n a ge i R S

2.15

e t a t s e l a e r y b s s e r g o r P n i k r o W r o y r o t n e v n I f o r ne op i t o a l e uv l a e Vd

2.16

f o n o i s i v o rs pe s fs o o l ye t i l l b i b a ae ce i s l e p r po Af

f o n o i s i v o r p f o e s a c n i T A M

f o e s a c n i t p e c n o C g n i h c t a M

2.11

e h t y b n o i t i n y gt i ot cn eE r e et a ur no ep vr eo r C fn o o dN os ha t e g n mi t a fr o e p yo t i l r i e b p ao cl i l e p v pe Ad

s r o t c a r t n o c f o e s a c e h t n i y e n o m n o i t n e t e r f o y t i l i b a x a T

f o y t i r l i e b p ao l we ov l e l A d

e t a t s e l a e r y b d e r r u c n i t s o C n o i t i l o m e D

2.18

yt xe ac bo n t n d a n r ee d oi uh f u sw s MG i d ent Ce e t vc Ci s o A e Ne v w x o e e a l R cmT l f noe oo f c an m e di n i u o a fc u s s Gon cI r /nI e r o f p di e o rt t of a a ) l dt( 2 ea nu5 vn ap4 ee t m1 Dv S e o e gcn es ) nro to i a 2 i ot t t p1 c s f n r0 e E ugs u2 on l d cir ape e d n e cn d s o R Ai i n i v b t u ra re e e R rd et( u ha h e t t pe I fi e e i t t hAo hmo oN Cn Wc WI

2.17

42 2.10

41 2.9

41 2.8

39 2.7

35 u

38 2.6

S T N E T N O C

I-11

S T N E T N O C

E G A P

2.19

l a e r e r yu bt i dd i n a e pp tx n uE s os me n ai s mu uB ss pa y mt i ul i Lb la a w i t o i l n l I A ror ye ep nl o oe Mv e td s e e t na rt a s Ee

55 2.20

d l e h y t r e p o r p e l b a v o m m i m o r f e m o c n i l a t e n d ea r r ft o n yi t i k l i c b o at xs as Ta

56 2.21

e t a t s e l a e r y b d i a p n o i s s i m m o c e l a s f o y t i l i b a w o l l r a e p fo o l re a v ee Yd

58 2.22

y b d e r r u c n i e s n e p x e t n e m e s i t r e v dr ae fp o o l ye t v i l e i d b ae t wa ot l s l e a l fa o e rr a e eh Yt

60 2.23

l a e R y b d e r r u c n i t s o c g n i w o r r o b f o y t i l i r b e ap wo l oe l l v A e fD o e t ra a t es YE

61 2.24

e t a t s e l a e r e z i n g o c e r n a c r e p o l e v e D e t t a e t s s s Ea lt a n ee Rm t rs e e hv t n e hI s Wa

65 2.25

-r e rd e pn ou l e ve em do c fn o i r eo s a ce m eo hc t n ni i s s de nn ui s ou f eb ms oa ce nl i b a dx ea t t9 n ur6 oe n cho ct i t aec nhe Uws

2.26

n i r e p o l e v e d y b d et c ve i e j co er r p se e h gt r f a o ht cn re e m f s p no al r e t v se dd rf a wo e os t r eu mo oc ce nt h I

66 2.27

e s r u o c e h t n i d e p o l e v t ec de j so e i r t p i n e et a mt ae s nl oa e mr mf oo ct rn oe tm e p s o s l a e v ee md of So g n i k o o b e t a t s e l a e r f o n o i t a l l e c n a C

2.29

nd ae cy o rl e pp om l e e y vl er da l eu t g a e t s r e g ln a i et r n yu bo c ’c y ea nf oo Md o nh Oe t ‘ fm o r te p i p e cs ea r e l rb e a hx t a e t he Wb

2.30

s a e m o cn ni o i t i dd ed t n a uf oo cr ce an nn ua oM t gs ne i t s a n l e e p r x se e cd ne et dn i u v o ec fc o a nn ou i s t a c el l t e e Dw

2.31

t p i e c e r f o n o i t a l o p a r t x e gt nc i e d j ro a r gp ee r t ea t us se s i l ea e hr t hn t i i ’ wy le a en do om t n w‘ o of Ho

t n e m e e r g A t n e m p o l e v e D t n i o J f o n w o d k a e r B

t p i e c e r f o e s a c e h t n i . O . A y b e d e ae ms s te n s es ma se s h e t s s y a b t’ n y ee mn go dm un j t o s ‘ e f Bo

ts c t n e e ec j i r r o e p r f f P t i n d g n te i r a e w hf t f o i l dd l o nt f ua e oe e re s g s s s e ee s hs s t s a na n oe a eh f dt o ay e mb s d a el c bo n ns i an Sd ce Do e nb h Tt oe fe i o t v t i M a i d dh dn eo s r at i ra t ce e fl f l h/ op t s rm e t a i hn eo Wu YC

fs o e s en s e a hp cx r e ur pe h nt oo yd t i n la i b ) aR i l dD T e( t a s t mh ig t i s R e rt on f e nm op i s o i l v oe rv pe fD o e l yb t i a lr i b e as f wn oa l r l A T

2.36

2.35

2.33

2.34

2.32

2.28

I-12

E G A P

s a d e t a e r t e b t o n n a c r se r p e o l me ov t e s ud ce h mt of ro f s dd en va i h e ce eh r t n si e ce nm ao vc dn Ai g n i w o l l o f r e p o l e v e D y b d e v i e d co eh r t ee cM nt ac a vr dt An o fC o d ye t t i e l i l b p a xm ao TC

HISTORY OF ACCOUNTING STANDARDS APPLICABLE TO REAL ESTATE DEVELOPER n o i t c u d o r t n I

3.2

e t a t s E l a e R o t e l b a c i l p p A s d r a d n a t S g n i t n u o c c Ar e fp o o el pe ov ce SD 3.3

d e w o l l o F e b o t s e i c i l o P g n i t n s r ue op co cl Ae v ge nD i d e rt a a gt es RE l a se e nR i l e e h dt i u y Gb

79 3.4

t s n o C n o 7 d r a ) d3 n8 a9 t 1 S n gi nd i t e n u us s oI c( cA) 7 fo S A e( r s ut t c a a er Ft n to n aC cn fio i i t n c gu i S r

81 3.5

t s n o C n o 7 d r a d n) a2 t 0 S 0 g2 nd i t e n s i uv oe cR c( A) 7 fo S A e( r s ut t c a a er Ft n to n aC cn fio i i t n c gu i S r

81 3.6

e u n e v e R n o 9 d r a d n a t S g n i t n u o c c A f o s) e 9 r uS t a A e( Fn ti o n t ai cn fig i o n c ge i R S

3.7

g n i t n u o c c A r e d n u n o i t i n g o c e R e u n e v e R f o9 ed l r p a i d c n na i r t PS

3.8

eI uA nC eI vy eb 6 R0 0 n2 on i ed t e ou Ns s I er ce np al o de i v u e GD e ft oa t ss eE rl ua te a R ey Fb tn o ni ai t cn i f g i o n c ge i R S

3.9

s n o i t c a s n a r T e t a t s E l a e R r o f g n i t n u oI cA cC AI ny ob e2 t 1 o 0 N2 en ci nd ae du i u s s GI

f o

e t u t i t s n I e h t y b ) dI eA C uI s( s I a i ed t n o I Nf o es ct nn a at dn i u u Go c c fA o d ye t i r r e ot r ha t uh AC

i s u B e h t r o f y r o t a d n a M s i e t o N e c n a d i s u e Gt i i rt e n hE t e s s he Wn ) (

4.1

? P I W m o r f d e c u d e r e b o t r e h t e h W ) ( ) ( 0 4 s / u e c n a w o l l a s i D

ANALYSIS OF GUIDANCE NOTE ON ACCOUNTING FOR REAL ESTATE TRANSACTIONS (REVISED 2012)

76 2.39

76 2.38

3.1

75 a ia

2.37

S T N E T N O C

I-13

S T N E T N O C

E G A P

g n i t n u o c c A n o ) e2 t 1 o 0 N2 ed ce ni s av de i R u ( Gs en hi o t t fc o a s en pa or cT Se t da nt as eE l va i t e c eR j r b o Of

e h t y b d e r e v o C s n o i t c a s n a r T e t a t s E le a t eo RN fe o c n ea r ui d t u a NG ) ( y b d e r e v o c o s l a e r a s t c e j o r P e r u t ? c e ut ro t s N a e r f c n n I a rd e i hu t G e he h Wt ) (

91 rs oa t s g e n vi nd I l i nu aB o t & e l d b an ca i L l p pd l Ao ss i ed t n o Na ed e cr ni au dq i c? u t Gan se ra e m hht t s e oe hh v n WwI ) (

91 d i u G e h t f o y t i l i b a c i l p p A f o d o i r e P / r a e Y g nt e i t o n uN oe cc cn Aa ) (

92 -

t n u o c cs Ar e dp no al 7e v d e rD a de na t at t s S E gl na i t e n uR oe ch ct Ao et 9 ht d f r o ea cd nn aa vt eS l g e n Ri ) (

ln a eo RC er ho t s d fo o eo cG nf ao t e s l ba uS Sf o ce i r mu ot na on c Ees h t ftc n o a i r t nyn t oi i o v t i C a t nc n i o mAi t rec t e a u t t e r s t DEs ) (

ts n a ad ce i f r i e n d gi i s S n ho cc i e h wb n ta a c ep i mh is T r fe o n tw n O i o f Po fs o d nr oa w i d t ee a r nRr i e m&f s rsn e ka t sr e i DRT ) (

s d o o G f o e l a S f o t c e p s e r n i 9 S A f o st e c l e p j i o c r nP i r e Pt fa o t s nE ol i t a a e cR i l p a po At

y t i v i t c A e t a t s E l a e R f o s d eo s a o cG nf i o ne ol i a t i S n gf oo ce er u Rt ea uN ne eh vt en Ri ) (

tn c o et i pc su e r r t s nn i do oC hf t o e e Mr u nt oa i N t e l e p h mt on Ci n eo gt i ac t a n s en ca r r e PT e ft o a nt s oE s i t t c la a a ce r i t l R n p pfo Ao C

d l u o h s d o h t e M n o i t e l p m o C f o e g a t n e c r e P e r d e e hi l wp sp e a s a e Cb ) (

he t w i wo dd et i l a p ph aW s– i dt c oe hj t o e r mp ne ot a i t t s e l e ? p ” l t ma c e oej Cro r fap o o et“ gea ac y t nb n een cra e r e f e e m Pr

e r u t a N t n a n i m o D f o e bt c oe t j o yr t i P v i e tt c a At s nE ol i a t c e u rR t e s h nt on Ci

100

t ec be j oo t r dp op hi t h e s Mn w no ot i t f e o l t p n me om Cp fo o l e ev ge ad t f n o ee cs r a e Pc n ri e d he t i e l hp p Wa

101

e t a t s E l a e R r o f e l p i c n i r P g n i t n u o c c A f o s nn oi o i t t c a a cs i l n p a pr AT

4.5

4.4

90 i

iii

92 4.3

90 4.2

I-14

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I-15

E G A P

102 u

ed ht e t t gu nb i e d r re a gb en r a c nt oc i e t j p o mr p ue sh e t r pf no ee hm o wc t su e co nf ao t y s t i mi l b ua ci r l i e C r

104 t n e m p o l e v e D d n a n o i t c u r t s n o C m o r f n o i s ut s l c s xo EC

101 d e t e l p m o c e b o t d e r i u q e r e r a s t n e v e y el ve ov i bt aa l eu hm t lu l A c

e l u r t o n ; d e s a b e l p i c n i r p s i d o h t e m f o n o i t a cd i l e p s pa Ab

e t a t s E l a e R f o e m o c t u O f o n o i t a m i t s E et l c b e aj i l o e r RP

103 r ne ed hn wu gd ne i c d n i e) c e M dmC P rm( ood c f eo tb h c t eoe j t o sM rs Pe n co fo i o t re npl onp i om t i e o t l i C p n f mgo ooe c Ce g a frt e o un e enc ger ave t eP S r ) (

103 u

106

t n r c o e eP i j t o c rru per edt s n d hu n t e o fec r o e u d yi nn l oe s n i n t voo e edc l r p oe mfhb ooto cnet M o fi s o tnt i en s oo gg i t ao c e t t cl s n gepe nrmm i e n cop C i n o me f l o rm e e v ee t g m e ad dot d rcn ooe n Ft ca dd e nr ae d di l s o n so fc o e tb s oo ct t tc n e ej o mr pp oe l e h vt ef do s da ne ar na h ot i t o c ub rl d t s o ns on Cu

s a n o i t i ) n gM oC cP e( Rd eo uh nt ee vM e n Ro ft i o e nl op i m t a o cC i f f i l o a ue g qa dt nn e ac rr e e nP nr ae Mp ) (

109

rg on f i tw c o er j r o ro pb d fn d o ar e ns e ot i d si t o e s l cn p o mdc n oa e cL b f-o o t o ees gul n ae a t v s d ee gr r ngr i u n n c i i t n mu i rps e t m t s e oo Dc c

110

e g a t s g n i n i m r e t e d ? rd oe f t dp oo hd t a e e mb rn e a hc t o n yo nt i ae l rp e hm t o e hc f Wo

111

e b o t a e r a d l o s r o f t s o c t c e j o r p e t a r a p e s d re e i f hi t t e n he d Wi

111

n i t p ed co nh ot Ce gM nn i h o i ct t e a l Mp fm o o eC l f p o i c e ng i r a t Pn fe o c er ce nP ag cn i i f y i l n p gp i S a

112

n a c s t s ? oe cu en ge av r e e r ke oh rt bh dt ni aw tg n n i eh mc t ea s i m t r e d ve di z an rg e o hc t e e r he Wb

112

e h t n i g n i w o r r o b f o tr s e op co fl o e tv n e ed me t ta a t es r e t l ga ne i r t n f uo oe cs ca Ac

115 iii

107 u

s t c e j o r P c i f i c e p s o t e l b a c o l l A s t s o C

109 u

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t c e j o r P :d e ue p no el ve ev Re td c e eb j o ro Pt lm a e t t o s Ty s fg o n nt i on i t u a o nc i mc rA e e t s e i Dw

117 u

e c n e r e e u f e n r e v he t i r wt c te p j eo cr nP of Co s gt nn i e h cn t o a p Mm fo o c t nn oe i t r a e cf f i l i p d po At

117 u

m o C f o e g a t n e c r e P g n i y l p p a n i s e d t o a h mt ie t s M e n fo o i t ee s l Up

119 u

e b o t d i a s e b n a c t s o c t c e j o r p e l b a b o r p s hs cl o ut sn re e g hn t i e t hn o Wc

119 u

r o f r o e s i w t c a r t n o c h c a e d e r e e dl i o s nh o cw ea s ba ot t c se s j oo l r ep l b e l ab bi oi g rl Pe

120

a e r a o t g n i t a l e r r o t c d ee j o z i rn pg eo r c i t e n r es fi o e su s n oe l v ee l b ar bh oc ri ph rw e r o hf t e d hl o Ws d e i l p p A e b o t d e r r e f e D e b y a m M C P n e h w s e c n a t s m u c r i C

REVENUE RECOGNITION FOR REAL ESTATE DEVELOPER UNDER IFRS

e t a t s e l a e r r o f g n i t n u o c c A 5 1 C I R F I

5 1 C I R F I f o s n o i t a d n e m m o c e R

5 1 C I R F I f o s e r u t a e F t n e i l a S

5 1 S R F I f o n o i t c u d o r t n I

” s r e m o t s u c h t i w s t c a r t n o c m o r f e u n e v e R “ 5 1 S R F I

5 1 S R F I f o e p o c S

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IMPACT OF INCOME COMPUTATION AND DISCLOSURE STANDARD

d r a d n a t S e r u s o l c s i D d n a n o i t a t u p m o C e m o c n I

5 4 1 n o i t c e S f o t x e T

s e s o p r u p n o i t a t u p m o c x a t r o f S D C I f o y t i l i b a c i l p p A

g n i t a l e r I I I d r a d n a t S e r u s o l c s i D” s t dc na ar t nn oo i t C a t n u o pt i mc u or Ct s en mo oC c“ nt o I

S D C I f o d n u o r g k c a b l a c i r o t s i H

6.3

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137

6.5

136

6.4

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5.6

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120 4.7

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118 4.6

I-16

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g n i t a l e r V I d r a d n a t S e r u s o l c s i D ” dn no ai t nn i og i t o a c t e u pR me ou Cn e ev me oR c“ nt o I 1 1 ) S A ( d n I . s v ) w e N ( I I I S D C I

e t a t s E l a e R d n a s n o i t c a s n a r T e t a t s E l a e R n o S D C Ir fe o p to c l ae pv me ID 7 d r a d n a t S g n i t n u o c c A d n a I I I S D C I n e e w t e b s e c n e r e f f i D

TAX ISSUES FOR REAL ESTATE OWNER

r e n w O e t a t s E l a e R e h t f o y t i l i b a i L x a T f o n o i t a n i m r e t e D

s es he t n i ys bu dB er r o r t e e f s s ns aA r lm Ta t o i r dp f nae aCr L e /fh eot t e g a r n t ug i s t Ea r e lnm a e eh e Rts ne fi u o s rs e i nh x ot i ea t ht a nWd i n -a mr e rn t e e t s ws e DOA

td n n ea ml ee eh r t g Ay tb n s s ee mn i ps ou l e vb en Do tg n n i i o y Jr r oa t c n i ge nb i r o e t t d n i ea rs e ? e hb r t e e n hnw a Wc o ) ( s t r e v n o c ) U L C ( e s U d n a L ? ft o e es gs na as hs Ce n gi ns i u n b i a o t t b n oi rd e n ha t l e he h Wt ) (

s rts oce e j n do i nr s i u KPB e s nt ha i d nfn ooa i n t oL a i r ? er t e i h e dn t i n gt s r w noe ocv O Cen R d on eeC l a u a d L Snl eu f fv o o o eW s d tRr p e n i e hea p ct oH eh l e e Rt h v i rwet e Di n d he et t e khs e t hn ys ib WL A ) (

y t i l i b a c i l p p A t e s s A s s e n i s u B o t n i t e s s A l a t i p a) C2 ( f5 o n4 on i o s i r t e c ve nS of Co

t e s s A l a t i p a C f o ’ r e f s n a r T ‘ f o r a e Y e h t f o n o i t a n i m r e t e D

e s a c n i d n a L f o rt e n f e s nm ae r g Tn fa o r r tA n et vn Ee fm o p o nl oe i v t e a nD i t mn i ro e t J e f Do ) (

f o ’ r e f s n a r T ‘ f o r a r ee Yn ow t tO c d en pa sL e r f o hs t i d wn a wh ee i h Vt ln a i i c d i n d ua JL ) (

162

d e d n a h s i n o i s s e s s o P n e h w d e z i n g o c e R r e f s nr e av r To

162

r eo t u t c l o a sF bt An a nc i i f yi t n r e g pi oS rs pi r ee s op o pl ’ se r i ve De f s oDn t a e rh r e t ‘ wte o ot n Pn i m gor nie t i e t t r e n c d as r io GDt

173

iii

158

t n ) e m( p2 on l o e i t vc ee DS f to n i n o o Ji s fi o v o er sP af co ns i m r te e t s s n Ai t fn o e m re e g f s n na ar rr TA ) (

159

157

7.4

155 iii

156 7.3

154 ii

152 7.2

153 i

151 7.1

150 6.9

148 6.8

146 6.7

143 6.6

S T N E T N O C

I-17

S T N E T N O C

E G A P

et y hr t e hp t o i r wP yf l p o me r of cs n da l u r oT h ’ f so r ,A e ) f 3s (5n 2 a nr no t ‘ oi t i e c t t c e u es t s i ft fo s o sn )n o oc (i ei t o s t d un , t ao c l C cA

183

i l b o s i h d me k ro ov f r n e i ps i o) t g( n) i l l2 ( i wn ei o bt c de l s u or e ho sf re e b ps on l e o i vt ea Dg

187 n i d e v i e c e r s i n o i t a r e d i s n o c e l a s n e h w r e f s nd n ai r TK

200

vii

s ’ r e y u B n i y t r a P g n i m r i f n o C s a g n i t c A r e t nn we Om e de nr ag LA )

d n a l n i p i h s r e n w o / t s e r e t n i gr ne i r m r o e f t s s nu ac r e t h rt e o nt wy ot l dc e nr ai Ld ) (

yy l a t c em r d i d n da el r r r e e s hd f t s e n nh a aw h r t s ,i sr i deh n nni awt l e nos i ds t n s a e as l r s e ye t b n n i i s s dr u ee b dm i s v oa i t d d nse uut c a eee s r ht a cte nt ob I ) (

l a e r f o t n e m p o l e v e d r o f y l n o r e v o d e d nt ac hj e no or i P s s e e t s a s t os PE ) (

203

t e s s A l a t i p a C e h t f o n o i t a r e d i s n o C e l a S f o n o i d t e a r nr i e mf s rn e t a e r DT

206

y de l nt ua fr e a r p e n os r ne /h et l b e ah d nW uft e i s r o sp a e dd ey vt i i e r cu ec r e s t/ n ee mc n ya av ? pd e l lab a i a e t l x i b n a at I ) (

207

r e p o l e v e d e h t m ? ot rp f i de ec ve i R e cf eo r r na e oy i t a e r h e t dn i i s nd oe cx a rt e he t b e hn a Wc ) (

208

(

195 u

189 u

e e c n e c i l s a y t i c a p a c e h t n i r e v o d e d n a h n o i s s e s s o P

199 tn t s e e r m e t p n o I l e ev r e i u D qt cn Ai o yJ an mi d rn e pa oL l n e vi et s Dh g rr i e np ni t hn as Mr e em tne a g hwn Woa dr nr na A I ) (

202

re r e vp ol o le o v re t D n oe Ch t ey vb i t d c ee f m f Eu ts s u a be r e nbf ods i ln s u s a or e s hT s ost e Pyu t r t ee i r t p s e on Mr o PC te o ht o Nt r de nf ae l d eo ht t n o hs t i a we r ya t i s d a i u d qe i u l g fr o a ye t b i l n i b a ac l i s a ve axy a t t n i l oyi a b np a i rol e tx hra t et e ne hw h Wo t ) (

202

47 v

199

s e t n e r e g m A e td e n r en g a mL A p t f n oo l e e vr m e ef p Ds o l tn e a n v r i e t o Jf D fo t o t nt gn is ne oe J v i r t e e g f t a e nn i r h t i dt f r a fe r i e o d h ei dt cc sg ne rn ad ei co pt o t i c f l t e i e t n n vo ge e r i m Dp S ) ) ( (

7.5

201 viii

178

197 -

I-18

E G A P

208 e b o t n o i t a r e d i s n o c e l a s f o e u l a v e n i d mn i rk e t n e i dd oe t v i we c oe Hr ) ( iv

210 n i d e i l p p a e b n a c D 0 5 n o i t c e s f o n o? i s n i o v i ot ra pu t rs i e ha t e h hc u Ws ) (

ree s e r num t wn o oe c dve nsb asd e l n na ys i l bu t eba l h b eto ah s dl vt i a i far e cose esen r bw e i nt to i n oi i nd t a an a t r r Cl a e e c dn r i r o s e f nup t oho e ci t l s e s ewv a l a s des s ede nken hi ent i s hl u fb Wi so ) (

f o e r u t a n e h t n i s i d e r r e f s n a r t d n a l d nn ea hl l wa r yu t t il l i u b c ar i i lg xa al t a r ou Nr

217 7.7

r e h t e ht e Ws s -a rl e a nt i wp oa dc nm ar l e yt bt dr eo t h u s br i o r t n m or ce dt ng an l o fl o f no oe i r t u a t na i mn re e h t t e n Di

217 7.8

s s e n i s u b s a r e n w o d n a l y b d e r r e f s n a r t s i d n a l n e h w s e u s s t i e xs as Ta

218 f o e m i t e ht t n te a m de ee r r r g e f a s t nn ae r t m tp e s o s l e a v se s d e nt i n s i uo bj o st a n di l g e n hi r de nt an Le ) ( e b y a m t n e m ee gr nu at r n r e a v tt n n eo i mj pf oo l e e r vu et da tn n e i h o t j n ri e d he t t e a he r Wt ) (

iii

e l b a x a t e t a r a p e s ,e e c r un t e n t s ei vx tE n o i t o n j i fs o e em s o a cC y nt i i t rn e E hl t a e g he WL ) (

222

s a r e n w o d n a l y b n o i t i n g o c e r e u n ee vr eu r t n &e yv t s i s l i e b n ai xs au Tb ) (

223 iv

220 ii

225

226

sd a e t tc e u s s r t a s sn r o e c f s p no ae l r t v re e d nf wo on o dt i na ar l e nd es i hn wo yc t n i i l i t b e as s xa as t s fe o na rs i a e eur Yba ) (

d e v i e c e r R D T r o I S F l a n o i t i d d a f o y t i l i b a x a T ) (

t n e m e e r g A t n e m p o l e v e D t n i o J f o n w o d k a e r B

CAPITAL ASSET VS. BUSINESS ASSET

sr ao s ss t e nn ei ms eu cB nf uo oe nr ou rt Pa lN a e i h c i t d n ui Js yi bn o i dt c ea t a s i n c a nr uT n Ea t rn se ehe l tm p e i t hs c e nwv i r n oI Pt

T D B C y b d e u s s I s e n i l e d i u G

234

8.2

e r u t u f n i d e v i e c ee r u l ea bv t on t e ns oe i r t p a r s e t i dt i s a nd oe ct en l u a o s c rs e i hd t e e hb o Wt ) ( 7.6

219 i

215 vi

230

8.1

iii

214 v

226

7.9

S T N E T N O C

I-19

S T N E T N O C

E G A P

7 0 0 2 , E N U J H T 5 1 d e t a D , 7 0 0 2 F O 4 . O N R A L U C R I C 8.3

s s e n i s u B s a n o i t c a s n a r T e h t e n i m r e t e n i Da oG t l sa t t s i e p Ta fC o r yo r a e mm mo c un SI

239 8.4

s e u s s I t n a c fi i n ge i m S o c gn nI i d s rs ae n gi es Ru B sr t no en mi ea cG l na ut oi np oa rC Po t lg a n i c i t i a d l ue Jr

241 r e h t e h w g n i t t o l p r e t f e a m do l o c sn di s ns ae l n fi o s ru e b f s r no an r i t a ng ol a tt i f i p o ra Pc ) (

241

9 8 9 1 , . G U A T S 1 3 d e t a D , 7 2 8 1 . O N N O I T C U R T S N I

234

g a n o n o t n i n o i t s e r s e s va nl oa ci t rp e a t f c a f do ne al l a l s a s r ua t d l l u e ch i r l g a ar fu o t l eu l c a i Sr ) (

r ae nn i mw ro e d t n e a dl re oh f t tf n ao vs ed l n e a r th o e nh st i n ri e t ye us s ba ef ho t yr e bu dt na an l f f o o en s o i Ut ) ( r e f s n a r t d n a d l o h o s l a y a m r e p ot l n e ve em Dt s e ev t a n t i s s Ea ld a n ea Rl ) ( e h t e n i m r e t e d t o n n ae cr u tt e s a s n a s fs o e gi n ns i u d l b o f ho fs o da on i o r i t e c pa ts r n oa hr St ) ( t e s s a l a t i p a c f o e r u t a n e h t n i R D T ) (

ANALYSIS OF PROVISION OF SECTION 45(2) REGARDING CONVERSION OF CAPITAL ASSET INTO STOCK IN TRADE

) 2 ( 5 4 n o i t c e S f o t x e T

) 2 ( 5 4 n o i t c e S f o d n u o r g k c a B

) 2 ( 5 4 n o i t c e S f o n o i t r e s n I d n i h e b e v i t c e j b O

) 2 ( 5 4 n o i t c e S f o s e r u t a e F t n e i l a S

f o n o i s i v o r P e h t f o t u o g n i g r e m E s e u s s I ) 2 t( n5 a4 cn i f o i i n t c ge i S S

l l e h s t u N n I ) 2 ( 5 4 n o i t c e S f o n o i s i v o r P

256

9.6

f no i kr ca oe t y S e oh t t n f i to e n s o s i At a ln a i t i m p r ae Ct e fd o nd on i a s r s e s ve ni n os Cu fBn o o f i ro s r e e nev ndn a ar o MT c ) (

256

247 vi

251

9.5

250

9.4

247 v

249

9.3

246 iv

248

9.2

246 -

iii

248 9.1

244 -

I-20

237

iii

259

en ho t i t a nr oe td e i s s s n Ao fC o s ea ud l a e t Va te e kr rT a e Mb o rt i t a e ns Fo s iA fs o rf neo ovr n i t e o a f nCs i n f mo a r re T e t t r a e o DDf ) (

258

s s e n i s u B w e N r o s s e n i s u B g n i t s i x E r o f n o i s r e v n o C ) (

E G A P

g n i t a l e r e l b a c i l p p a n i a g l a t i p a c h c u s nr ? oa xe ay t h fc o i h ew t a o Rt ) ( n i k c o t S h c u sd e hr cr i e h f ws n na i r rT a e es Yi w er he t h t fo o r no od i l t o a ns i s mi e rd e t a e r DT ) (

rn a i ed ye tr n r ef e r s e f n f a ir d t ns i i xt ae t s s oa t ns i s a e gn i ls a u t i b p a cd e fr t o s e r yv a t ne i l oy ic b t a n eee gsr a r e cf a f hni Ci d ) (

261 h/ d cl uo ss se a r da nd an l a nl eh hc u ws xn ao t d oe t t nc i u a r gt ls a n t i o p c as ct a fl o f yt u t i bd l i e b dr alr eoe f gss t r o n a n a hs r Ci t ) ( nl oe i v t e a ud t e it s a t es he t l na i e xr ae t h t oy t nb i d a e gz i ln a g t i o p cM ae cr C fi sP o g en yu t i i nw l ieo b vl ae l er o f gn r r ee a hhp Cwo )

t dn ee t r m e vp o nl oe cv de nd at l n fo i o j ef l o a s e fs o a rc a e eh yt en hi t t fe o s ns oan t i s t e s a e nn m i e ig ms run e ba t r e sa r Da ) (

264

(

eoon htti o n t wi t rios d e i dehu t t nr q e c ue s s a dva en f h o o r cct e ? vsusn oisoo c)fci s t olr a n o (o n e n2 i i v g t n i i dss ro n/i oc auur l tq f e le o c a s h a s r e t fe t uao a t lthd l a u s t oWe i cp i c–t h r a, g cedn af e d no lo ai a r s t r un-ma r o n ri V i e t t ni M k e n ei cd F he f o er t Wd S bo ) (

s ps ae n fi o s u eb s a d ce t nr i e Cv 0n 5o c nn oe i t h c ew s ) f2 o ( 5 n4 on i s o i i v t oc re ps ff o o d l n y o oi t s i tl s i i c b t aa e r c t s i t s l Ap a ) (

e d a r T n i k c o t S f o n o i s r e v n o C f o e s a c n i t e ns os i A t a l ct a i l i p p ma IC o xt an Ti

266

) ( 2 n o i t c e S f o d n ) u o r g k c a B l a c i r o t s i H

ANALYSIS OF PROVISIONS OF SECTION 2(47)

( 2 n o i t c e S f o t x e T

) ( 2 n o i t c e S f o e p o c S

h s i u q n i l e r r o e g n ) a h c ( x 2 e n , e o l ) i t a c S e : S ) f ( o et s s t e us n e as n la o ce f p o h t m s f o s i o C y t ln t a n a ne c Am fi i ) n g ( i S

( 2 n o i t c e S f o s e r u t a e F t n e i l a S

275 275

10.5

260

262 vii

273

10.4

260

272

10.3

265 14

272

10.2

262 -

viii

271

10.1

266

9.7

S T N E T N O C

I-21

S T N E T N O C

E G A P

s t h g i r y n a f o t n e m h s i u g n i t x E : ) ( e s t ue as s l C a l fa o t i sp i s a y c l a a nn Ai ) ( a f o n o i t i s i u q c a y r o s l u p m ow a Cl :y )n a (r ee s d un au l c t e fs o s sa i l s a y t l i a p na Ac ) (

280 t e s s a l a t i p a c f o n o i s r e v n o C : ) ( ee s d ua r at l c n i fo k c so i s t y s l a o t nn Ai ) (

280 v

. -c o t re py en l a b ap vm oo mc , my t ie fi o c to n s ea mf yo r oe j n b Em :e ) m (g en s i um ao l c c fe o b sy i b s y y l t a r ne Ap ) ( d n a ) ( s e s u a l c g n i c u d o r t n i t c e j b O) f o ( 2 mn uo di t nc ae r s on mi e) M(

t r a P o t g n i t a l e r ) ( e s u a l C f o t u o gt c na i g r r t e n mo EC sa e f uo se s c I tn n a am cr fio i f n r ge i S P

286 n o i s s e s s o P e h t f o g n i w o l l A e h t g nt i n v l e o t vn nI I d nn oa i t e c r au s t na aN r T– ) (

286 n o i s s e s s o p l a c i s y h p f o r e v o g n i d n a h e r e m h rg e u ho t e n he Wi s ) (

287

) (

289

290 f o t c e p s a e h t n o s n o i s i n c ei o ds s le a s i c s i o d uP Je h et hr t e v fo o g sn i s i y d l n a na AH ) (

iii

s t h g i r p i h s r e n w o f o r e f s n a r t f o g n i n a e M ) (

s r/ e u p’ r te r a f s pn oa t r t g‘ nf i o t a n l o e i r t i tn c g ao r t c n e or cr o ff o y nr oo i t tc t a a r dA t ne s i ah g t emf r reo c e n) ha ( t ) e m hr ( o2 Wf ) (

292

f o t r a p s i h m r o f r e p o t g n i l l i w e b d l u o h s e en r o i e t f a s g ni ab l r To ) (

296

l) ri l e t) ( ps or l e e( vh2 et n deo fhi o t c rWe u–s o f vto n ae f t i nmb i em de er a r ge r Ah e f t t s n ne n i am l r l t a pf t o o l y ne a yvm l e l a Dt r e tn nne eim goe J sr g i n dea npr asr La a ) (

297 -

vii

283 vi

f ao nr e ef hs t n a nr i sT i f to n eA 3 m5 es e/ r u g Ad e tt n a el mp pm oe l t e vn2 eo8 Dc8 t 1 c ta , n t rc i t o JnA o rc y e t r fe ho t p e eo hr r uP Wt )

298

47 v -

(

viii

vii

iii

280 -

et ye, t hr c rA t e gpey r o t nr u r i t e v pa l p eno o l vb er na hP i vtf nofo omor i t e t mc f c s a air n s nt a na nr af oT r Tocf nao’ :o r ifAe )s o f 3s (s 5 e e n s c a n es n r s o t i uoat ‘ apmc s e l ea rs c ho t d f ff ne r o i t o e a sgpoe i nttt r s i d r y w a e l 2 a r p o 8 r nl l 8 e nf Aa 1 i ) (

284 10.6

279 ii

I-22

47 v

E G A P

ANALYSIS OF PROVISION OF SECTION 50D

D 0 5 n o i t c e S f o n o i s i v o r P e h t f o s e r u t a e F t n e i l a S

t n e m p o l e v e D t n i o J o t D 0 5 e t na ot i s t E c ea l se fR of o ys tn i l o i i b t ac a cs i l n p a pr AT

307 11.5

n o c e l a s l a u t c D an i 0 fa 5 og tl n p a o e i t t i cp c e na S oc c f g e o n h i t t t u a l o gu n g i c l n ta u i l s c i i d r r a o D f s 0 e n u 5o s nt i s oa I i r t c t e n a ed c Si fi s i ) n g ( i S

y b t i h s i n o i t a r e d i s n o C o N h t i w r e f s n a? r D T0 r5 e n ho t i e t hc e Ws ) (

t o n n a c r o e l b a n i a t r e c s a t o n “ s d r o w ? ed ” he t n fi o m gr nt e i n e ad ee Mb ) (

e” bd ne n ai ? cm t hrn e ce i tm h e e wdg en nb ot a i r t or a nA r e nt dan i ce s nrm oop eo Cl l eb e l av a n Si e a et D br t nei n aco csJ a et f r o o e hne “ t s ea rb e c hoe t th e dt hi an Ws i ) (

d nn oa Ce er l u a t Su r lf e a f ns ui t n c da Aer nt ei f hm o t r ne e t et a ee wdd tre e h bot edn ceo n ni s ea a r t r e e e f u f c l i s a Da v fft o ie ynk t or i i l a t i a b arm e r xd i ai a Ts f ) (

g n i n a e M n o i t a r e d i s n o C f o e u l a V l l u F ) (

ANALYSIS OF PROVISION OF SECTION 45(5A)

) A 5 ( 5 4 n o i t c e S f o t x e T

t c e j b O

? m o h w o t n o i s i v o r p f o y t i l i b a c i l p p A

s e r u t a e f t n e i l a S

s e u s s i l a i s r e v o r t n o c n i a t r e C

ef co nr au yo ev va nf on ci r re on dw eo r r d e n f a s nl a y r b t r da ne e et y eu bcr ei e sx l a er hn a e den nei abr l se a p eh s o l a e cdv e ee nd d I ) (

312 vi

323 323

12.5

310

311 -

316

12.4

309

316

12.3

iii

314

12.2

309 ii

307 307 -

313

12.1

D 0 5 n o i t c e S f o n o i t c u d o r t n I r o f d n u o r g k c a B 11.4

305 11.3

n o i t a r e d i s n oD C0 f5 o n ei o ut l c a e VS lr l u e Fd en bu od t e dd ev i mo er eP Ds ea us l e a s Va tC e n ki ra a t r Me rC i a n Fi

301 11.2

301 11.1

S T N E T N O C

I-23

S T N E T N O C

E G A P

fr o e h et r e uh t a nW er he t en nw i o md rn e a t l e de h ot t gy? nbm i d d r l ee o r t r he t r ff o o s nh da s or i tr r to e e ps m fs r o e at e/g d un n sa s o I ll ) ( y t i l i n b i aa i g l l xa ai t t p ea gc r f a ho cy s t i i l d i b oa t x ya t t i d r i e u f qe i d l fo o t a ye t i l l p i b e al l b i a a vn ae t n t oo Nn ) (

rn oo i ss di l v o o hr rp e f no ws om dr ne at l n ni et he s ws da es r s r e e n f i e s du eb bs ) na2 a ( cd5 yn4 a t iln l s i o t b i r t ae c i l ve xns aof Tc o ) (

324 l l a n hi sa g el t a a t t i s p e a lc a er r o d ee pm o oc l e n vi es ds e fn o i s eu l a b s f no oe tr fi u ot ra pn re e h ht t n e i he Wb ) (

325 .h c c t i e Ch Ew 4n 5i /r Fa 4e 5y /e Bh 4t 5o nt oe i t c c n ee s r re e f de nr e uhl b nta i ow x i t a p dt mei s emn xii eaa rlg c e l e hb a t t e i hnp aa Wc c ) (

326 sn i o es i t i a v t s o e r lp a r ee r h dt ee ph oW l e ve eu dl a fV o td ee e uk t l rc a a Var t yMt t r a i u a s DF i sC pt 0 mi an5 a t n h S o t i er t s c e a e h cg s f io nh I ) (

tr c o ep j o ro pr ep hn t o fd o e tt r a a l pu rc oa l f dc e ue sb s o i nt n oi i t a e g l p l a mt oi p ca ? fc s o i s ra ee t b h a t ce e fih t i a t n r Wo e i C–t ) (

te fin b i eo l dj l a erh hos f t y ndt e i i t l h i t u b i ba wi i rl dt n eni r oa e cg vs l oi a c)t i t p o (a n2 c ,sr d / e nu h at t l ee ls a sh r uaW l t a l t u t i cp n i ae? r g c d m afp e eoo t c s nla a oer ct v i t et id nn a I ) (

l el ha t h s y) bA d( 5 e5 n4 i a n t o e i r t c ee r s a f do nn ao l i s nv i i o sr t h p gr i e r h pt i e h sh r W? e n-d e wrt e onc a ewr s t ot a da cn e na I lb ) (

? y l e v i t c e p s o r t e r d e i l p p a e b n a c ) A 5 ( 5 4 n o i t c e s r e h t e h W ) (

n i h t i w d e r e v o c t o n t n e m e g n a r r a ) tA n e( 5 m5 p4 on l e o i vt ec de tS n f i o o j e f o p eo r c us t e a h Nt

329

329 x

328 -

TAXABILITY OF CAPITAL GAIN ARISING ON TRANSFER OF AGRICULTURAL LAND

) ( ) 4 1 ( 2 n o i t c e S f o t x e T

e h t n i ’ t e s s A l a t i p a C ‘ f o n o i t i n fi ed Dn fa o L l da nr uu ol t ru g c ki cr ag BA lf a o ce i r r ou t t s a i HN

5 1 4 1 0 2 . Y . A . f . e . w d n a L l a r u t l u c i r g A l a r u R f o g n i n a e M

334

13.3

327 vii

333

13.2

324

332

iii

13.1

iii

331

12.6

323 ii

327 -

viii

I-24

E G A P

d e r r e f s n a r T d n a L r e h t e h W e n i m r e t e D od t n sa e L ul sa s r I u tt n l au c ci fir i g n gA i s S i

ro esfhe s vaoc l fa a eu s hdl sn n seb aa nmaorc orpnt, e f i a t t r t o cu a e r esbes f e m s n pbin ia oeho t r ci lni et a th oha r l th r uawe tc? t l n paud d s u a cc noton i alut a r o a l tlr g rl d aueu a or tei hohl i r u r cdtu pt r i l c e r a h su i i o cr r wr c r a g i ee r nadar g n oca reya ohes dnl nelfwra o aea dsm l d b r en e ryus orm t e u i l l or t ha l u a t g c e ot e r ur ne i t ht i pre cge Wa aboob ) ( iii

338

l ra e r t u a l t l ,u e c s i or pg ra u“ s pa ld a e r r ue t l t s u i cg i e r r g al l i . t rs s ot d f r uo dbc e,e n s uor i e ytu a l l v n i a e t nu l v i e g cr i r n ori o f ” dt i d nf n an a Lul ) (

340 l a r u t l u c i r g a h c i h w n o d n a L n a b r Ut su a o dd ee r i e r t r s a i c g ey r t i dv i nt ac La ) (

340 /s ea md on ca nl i e l h a t r u t m l i u a cc l i r g o at wn or u ht se or t x ya r t a s e s ? e cmd eon c nn a l si l i a ter i hu rt t e l hnu t ic e i sr hs g oa Wl ) (

341

edd h t e e i t r a r na e i r t dce nnb o ai l t , a d lr o a er i r upe o t l lp u g can r i uo r t g l l au y cr l sr i a i ga daf eoa i f n ? r i to s d s u f n a b l d a s c l n da l dr a r nolu h c ae cl t l r u u re sc e unr i hn t g e eoa t hv u s eo Wr a ) (

338 y l i r a r o p m e t d e d n e p s u s y t i v i t c a l a r u t l u c i r g A ) ( ii

e r u t a n l a r u t l u c i r g a f o t u b g n i t t o l p r e t f a d l o s d n a L ) (

ef ho t r e yt bc a dr na ah l c le a r h ut t l e u n ci i m r g r e at ? eee r hdf t s on ft o a er ect s nf ua o ve ee r lm ue i t rt u fe fo h r t s e i t hr a t e e d y hu n a Wb l ) (

lr a ea r h ec he t h yt? brd e n dta l na l a a l d l l r lu a u ol r t uwu t l c u i r c g i r a g asn o fe n i o t i s nt a n oe i d t i n ra s e i l u p oh ql c ce av u s ref e hdo e t r t e e a ht t c sa We ) (

343

e h t n i h t i w y l t n e r r s ue ct i nl i oa Cp i c gi nn i l u l a FM do nw aT f Lo ln a r o i ut t c l i u d cs i i r r g u AJ ) (

343

e c n a t s i D f o t n e m e r u s a e M r o f d o h t e M ) (

13.5

d n a l l a r u t l u c i r g a l a r u r f o e l a s m o r f g n i s i r a T nA i a gM r ro e hf t e e l hb a Wl i

13.6

ti s p mn o ei xc t ea es bn ya ar mt dee h nt d af a l ir l t a nf r ueo v t ee l u r )u cA i t r 1a ( g a2n lse a /h r t uun rei fm o e r ou ec l a t nn s i e nl v a or d gu a nt i l s s u a i r c d a i r e tg t fi a oae rsr Pa t

346

13.7

n o n i a g l a t i p a c o N t e s s a s s e n i s ut n be sm a n dr l e e hv do nG ay l lb a n r o ui t t l i u s i cu i r q g c Aa

344

347

342 viii

per se

341 vii

337 i

336 13.4

S T N E T N O C

I-25

345

S T N E T N O C

E G A P

ANALYSIS OF THE PROVISIONS OF SECTION 50C, SECTION 43CA, SECTION 56(2)(x)(b) & SECTION 23(5) C 0 5 n o i t c e s f o s i s y l a n A C 0 5 n o i t c e s f o t x e T

d n u o r g k c a B l a c i r o t s i H

C 0 5 n o i t c e s f o s e r u t a e F t n e i l a S

re r e f h s t no ay r t n fa o r eo C sr 0 ae 5 cg r n ne o im e i l t b c , l e ai l c s i w f l p o , t p f t a i u g sf o i g Co n 0 y i 5a g r nw e oy m i e tb? c s eye s t e d r u re o s ep m s ho I t rh t e n hpc a fu c Wo s fi i ) n g ( i S

f o e s a c e h t n i e l b a c i l p ? pt an ee bm e Ce 0r 5g nA ot i n t e c em s p do l l u e ov we D nt en hi o WJ ) (

352 iii

r e f s n a r t f o e s a c n i e l b a c i l p ? ’ pd an sl a i l Ca 0r 5u t nl ou i c t i c r eg s a rl e a hr t u e r h‘ f Wo ) (

353 iv

e h t n o s a e u l a v y t u d? n pe mk a at t s e sb e n ca nc at t s n me um ce r e i r c g ha cf i o h e wt a nd I ) (

353

g n i k ? ne as bo p tr u u op hs t i i h wt r to n ef d me er ee r d g i s an do ec r e e b t s i y g a em r an o i rt e c ha t s e n ha r Wt ) (

354

p m a t s e h t h? t y i l we v dt i ec t e r e p s s no i r ’ t e e l r b ad s e s i l e p s p s a a ‘ de rb on wa ec he t u rl e a hv t e y t hu Wd ) (

354

td n e ei l mp ep ea r e g ab fn o a ec t n a o di t ea hu t l ga nv i y y f t i u c ed p sp om sa i t v os? rrl y poe efv hni t t ec rke e ap ht s t eo e r hbt e or Wt ) (

356

vii

e h t f o e u l a e vu l ta e v ky rt a u md rp i a m f a t es he t h tt a hn t a h et vs os re pl s oi t y t nr ee dp ro ur Bp )

te a h ht t n ra e ch fit f s s Oe gl ni s i s y s t e r s e s p Ao er r p oe f e h bt df eo s e i u a l r ? a ev e bt u l ne a akv cry mat imu a rd l i c p a wfm ea oh t Ht s ) (

359

(

fyyy o t tnu ruad d e ep f s pr n em amha a t r t t t s fss ir o ot ,e etn w t neo a oml ds ier er e e ha r d? t p g i nma C s n0 oo eo5 sc l cn a a ensoi o uiftt o l d c a e ee e e vc s s t s yua g t dden s u e s i e dr y hap l pt st e me nhp agota t f r yso s o t a f er n s e e e o a pu u i co t lp l a ra np vov I )

(

358

viiia

357

viii

352 i

350 14.3

348 14.1

352 14.4

350 14.2

348 14.0

I-26

E G A P

? ey s t a r ce np i o er l p b e al cb i l a p pv ao sm i m Ci 0n 5i s nt oh i g t i c r ed s l fo o h ne os i a s e i l v f oo rr pe rf e s hn t a e r ht f Wo ) (

r e f s n a r t n o e l b a c i l p p a s i C 0? s 5t h ng oi i r t t c en s e rm e p hl o t e e v he Wd )

362 xiv

n o e l b a ct ? i l e p s ps aa e sl i b Ci a 0c 5e r np oe i d t c g en s i e fb o g nn oi i d s l ii v ou rb pf o rr e e hf t s e n ha r Wt ) (

fr o o f e’ s e a v ct i a nl i e r e‘ l b g an ce i i l b p pn ao s er be yp? aan o moi t a Ctr y 0t e 5r d e i np s oo n i ro t pc c efe s t oa r u r e e q hf t e sd e na ha n ri Wt

(

s hla a cu ut n sc o rai t o a ? o r Ft C e 4td 0 5c i5 resn opno o sc i 4e t 5r c ee nha l s ot f s i i t w o c d y e e t e s i l mi l rb b e aea e di l di c na l uv rp naop o a s n i i t oo i p t nt moa e eiru s e xi dd evi o d se rr nc e on hpc t r a e e eh hh l n ta Wo se ) (

363 xvii)

se a h nt oy i b t a r d i e a dp i s ns oi ct nn ee hm e we Cr 0g 5A t nn oe i t m c ep? s o d l n fe i o vk en yD t i i l r ite b np aio col i lJe p v r pe e Ap d )

e l b a c i l p p a e d a m e b y a m e l u r r u o b r a ? hy l ee f v a i s t c re e p hs t o e r ht e Wr ) (

366 (

365

xix

364 xviii

362 r/ e n f o s i ns ae s r t s s fo o ep s e a h ct ng i n ei l k b aa ct i e l r ? p y pot f ae r e sbp i yo Ct r 0r p 5e pe no h or t i pf t c o ei np s i rsh t e s h hg r t e in e hrw fo Wo ) (

363 xvi

f o

(

361 xiii

359 ynp bom i a dt a t eu s r l e n a dv o i s d nee ohs cta ob tt o e l n b n soa i i n t i ea a eu t s ls s a u e vs s s fn a o o i eri t he d t td yta a bm r e d h eet s h ? e i t a he r u gwl a mn,v i r ir e a r y ct l e c fi f u f e fr d o I ) ( xi

360 xii

361

s ey i bn r a e op c t fi s m f io O yc t n r e o e h i pt t a o rf? u o p d l a e s e V r e h ? r r e yr ta f be f s h c e fi o s n a df e r y aO u t t l i mg a e u r nn vqa i s os yey i t t e t e u a r s s da e us l p A co p a ve r n h mi p et a t hn e dh s t ro ret r e e e g hg hd n n t t i i i s e e d d n hn h l oo Wi Wc b h ) ) ( (

A C 3 4 n o i t c e s f o s e r u t a e F t n e i l a S

n o i t c e s f o s n o i s i v o r p e h t f o t u o g n i g r e m e s e u s s I t n a c fi i A n C g3 i S 4

A C 3 4 n o i t c e S f o t x e T

r) ne i 3 n( et l r5 b aa4 cpn i o l e i p t h pt c e ay s ebr r e td a e A s Cs n C 0a u 3 5l d 4 a nt e n r oi o i pe i t v t a c o c ecc e s f s fo m f o o snr s n o fi n i p t ou i o i h i s bs s i i i v r v ore o t rn n r po t p r rca e e fp h ho t e t f e h et o hs s Wao i c t s y ) l a n A

367

(

369

14.8

367

369

14.7

367

14.6

xxi

14.5

S T N E T N O C

I-27

S T N E T N O C

E G A P

t nn i de em ct ua de or rt? g t n n no i i t i en t a bu r noe acd ccs i an nt oa o i c t h a wd r e e d dn m i e s nae t d on cu o dot ecn mce v eai efg doe rsb k e od ho l t bu e heo h hs Wt ) ( nen o obs pdi lr uu a dop ewm s t o a a c bh r o nwf o n , i s t e o a i i t r t r e a a r dp e i s d e nh i s ot n ? cn oe ecl u ee l ea a l w s v a t s te y l n t ebau u t r d t n e c ea f p f ms i m d yaa adt fp s e o r fe e eo h s d t s i a s h cmn t ro i nt e cw I ) (

r e p o l e v e? dn eo hi t t a yr be nd es i kn ao t sc e e gl r a a s hl ca u rt e c ha t o f so ut or i a r p a vm rr e o hf t e y ha Wm ) ( ? n d o er e et v wni tie s e c i bn e r eoh i ct s na a er c r es e da f i f s i r ne d p foo c i l l sa e nu v ot e i cd t ae a c&h i l t nf p moo i t ia s k er o he t o db i es bn e h yot acn di me d tm e a c eu he Wd d ) ( vi

r &fne o o p i tes o e il g s v a e s ov t a re n sepd s cre e r eh ne ht i p t s e o unh t i e ba l stwb r , a r e a e c dcp i nso l p aae lp l nva so t iee a etdb? a e r dr r t hl e ue rdto i e m n s nn oww wo r o ocfAd C e3 n eu dl a 4l na asnns e l a v o s i ee et l l s vrc e a i l w e cea s c tf s eo nr I toa ) (

e c&h a t r ne r up o gof nly e i t vl i d i reb d a gea x eh r a dtt ne ne h ue t ow f e tb se i d ebl c u d ne o et w dc i at v s a en h yaw er nt, o s h r mse a -c mr ? n e o op t d s et eu o s l nce a cuev ohe nc I td ) (

e c&h a t nrr ueo p gof l y ne t i v i d l ei rd b a a gex eh a r t dte nnh e ue t ow e f tb se i d ebl c u ndo e et w dc t i aa v s en h yaw er , ntr o e h msn -awr ? c n o e o d d p eeno t s l ae n a l cue v ohe nc I td ) (

373

372 vii

372 n &ei h t t nf c oo a i t sp a dm r e ni dag i n hi s ned oh n ct o p ns ei l e a dr s er dxo a c et ms e eih t ene ? dob r i t e fa yy o ra ee u cdmb i e ns th a en t r ohf e wo c f f ,s er il d aed s pn el oa s a l a h e cuv t e eh c na dt I ) (

374

y t r e p o r P e l b a v o m m I o t g n i t a l e r ) ( ) ( ) 2 ( 6 5 n o i t c e s f o s i s y l a n A

) ( ) ( ) 2 ( 6 5 n o i t c e s f o s e r u t a e F t n e i l a S

n o i t c e s f o s n o i s i v o r p e h t m o r f g n i g r e m e s e u s s I t) n a( c) fi( i ) n 2 ( g6 i S 5

6 5 n o i t c e s f o t x e T

383

x b

14.12

371

372 -

382

x b

14.11

fd o o et h s e a cM nn i o At i Ce 3l 4p m no oC i t f c eo? s en fgi o o at i ntn ong e i co s r i c v e o e rPr pge n u ei n hwe t o v l yl e l o r p f pr r ae o pf oo ) t l M we v C oe P Hd ( ) (

374

14.10

371

370 ii

369 i

373 -

viii

x b

14.9

iii

I-28

E G A P

? ee l b d aa cr i t l p n pi ak ec bo t ys as ma )d l (e ) h 2 ( y 6 t 5r ne op i o t r c ep s e fh o t nf oo i t s i n v e oi r p i p c re e r he t e h ht o Wt ) ( o t e l b a c i l p p a? sd i n )a l (l ) a 2 ( r 6 u 5l t nu c oi i r t c g ea s l fa o r nu oR i f s i o v e os ra ph rc e r hu t p e he h Wt ) (

’ ie l v p i pa t al e er b‘ s di l u o oh ww )y t (r ) e 2 ( p 6 o 5r np oe i h t t c eo f s ft o n e ni oi p i s c i e v ? orr ree phl l rte e os hte t eh e l t hb af Wc o ) ( e c&h a t nrr ueo p gof l y ne t i v i d l ei rd b a a gex eh a r t dte nnh e ue t ow e f tb se i d ebl c u ndo e et w dc t i aa v s en h yaw er , ntr o e h msn -awr ? c n o e o d d p eeno t s l ae n a l cue v ohe nc I td ) (

rn e i yy ut br e ep ho t r op t e nh ot i t f i o s i u e ql ca as r fe o h tt s or u cf ? ens ho n t o i eyt bta r e u dp t l i os u ort n wpe er th a e f htf fd i Wo ) (

s er he t c y fi bf tO a g n di es s ve i ? r s y r s l a Ae t sea i h r nta y ob p i e t a ds r uee l t a n y vi u o b tp n p e ea h r t s e r f d f e i n c d fia r efe hol t l ne os f ii t e ta a h ut hl af Wv o ) ( ) 5 ( 3 2 n o i t c e s f o n o i s i v o r P e h t f o s i s y l a n A

) 5 ( 3 2 n o i t c e s f o t x e T

) 5 ( 3 2 n o i t c e s f o n o i s i v o r p e h t g n i n i a l p x e m u d n a r o m e M

n o i t c e s f o n o i s i v o r p e h t f o t u o g n i g r e m e s e u s s I t n a c fi i ) n 5 ( g3 i S 2 ) 5 ( 3 2 n o i t c e s f o d n u o r g k c a B

385 vi

385B

dn l o o i ss i ? nv 1 uo 6 r9 fp 1 o r, t eec p us A l a a x vea lt lb a ae t x m n ao et c r sn liI e a t e ua h nt t nsf aeo l a 3 le a 2 nr& e oh i t 2 t o f2 no s n ryo r e i o t ht c t n e e e s hv f no Wi ) (

ANALYSIS OF PROVISIONS OF SECTION 80-IBA

d n u o r g k c a B l a c i r o t s i H

n o i t c e s f o s n o i s i v o r p e h t f o t u o g n i g r e m e s e u s s I t n a c fiA i B n I g0 i S 8

A B I 0 8 n o i t c e s f o t x e T

390

15.3

385 v

384 -

390

15.2

384 -

iii

385B 14.16

386

15.1

385B 14.17

385A 14.15

384 x

385A 14.14

383 x

385A 14.13

S T N E T N O C

I-29

S T N E T N O C

E G A P

sy t t i n l i eb mi g di nl ee me ah tt? r n n eoo uft i qsc ene o s i s bt i e ud h sn t fo o n tci c e d ah e pt b i m r inc eos hAe t r eBp I bn 0 d8 o l i u t nc oo u i wt d tc e a e hsd f no Wi ) ( f i t r e c n o i t ? e d l p o i mr oe cp d ee s a b i cr c ns i e tr c ap pe mh it r ee ht t f ea bd e du l u s s oi ws i te a t ha c Wi ) ( iv

? hd ce i h r e wd i os t n eo cc ne eb r d e l f u e r o h hs t i s wc a el t 5 a 4 d. s tR n af vo ee l u e l r a ev hy t t su i d hp cm i h a t Ws ) (

394 e b o t s i t c e j o r p f o n o i t e l p m o c f o d o i r e p? d ee hn t o wk c oe Hr ) (

395 tr i e mh it l o ey mn ia t r fe o d nn ou i r s no e9 t 1 x eD ? yIe nVc aOn a eCt bgs nm di l ru u u c od r wn i c ewe r r ou e de hk t j ca ro e hlm o t e t e c e hu r o Wd f ) (

395

se rh i r e o ptf re re b e pds n i su s a a nb eo ui r a nt ece vuy edo e r t d g, r nd a i oe z i hy n ? gtnt oeoc cmde j ene o r omr si p t i i e a rl e l e p h c pm t ef oo l bo e vcnn efao doct i e e eg n l s op a a i t t m cn c o ee nc sc I ) (

n eo r i t sc i u ed t e a cd fie i t h r t e cg n ti i d m ui a al rc or o tf r od pe et r t ti? m i d n b o uu i as t c y e nes abs i oh rt e t hdr t e e e r d hu i n Wq u )

397

sn t o o i l t p c fe o s gr ne i d t s n i s nu on co i tt c c eu j o rd pe gd o nt i s ud e ol hi t et l n b ae ds ri oy f l f n a ro? e dA hn t B a e I hl0 f8 Wo ) (

397

sn t o n i t ec mu yd ae pd dr eo yf ae l l e b di g el i he t ne ob d dl eu vo i ? w e c A s er B r I te0 m s 8 e o r t n e s o t ui n t cc i ree e hs ht r t e e md hon ru Wf ) (

397

ee bt h yf ao ms t p Ai Be c Ie 0 8r y ne on i o t c m es n ro e o dt nt uc ne op s i e t r c ? t uhc dt e ei j dwo r ep rl e e hbl a t b l e i i g ha i vl Wa e ) (

398

ne c on da ew wo ol l l l a a s sd i i Ao Bt Ie u 0 8d nd oe i s t a c e er s rc n e di s nt ? s u fi e nos orn i e tpp s c s x ue e dn ei s s s du e rb n e i hrs t eu e hb hg f io Wh ) (

398

(

xii

,A t n B eI m0 e8 en r o g i At c te n es mr e pd ? one t l us e v s n eo a Dt i s s tc e n un i ds i o Jeu fdb o ts ee s ga a d cye eat hma t e rr ne t i rns e wi ho d t n e da hn l ai Wl f )

398

(

xiii

viii

396 -

vii

391 ii

390 tgrr ? c e nd e eo j n lnn o raua p A nm eBo l t ia It b i ch 0 g u 8 i l dw e n e n odi ni et d rn kc e eh as a t td r e ree dehm ndwi un,a l sc sue a nie t ho i b v i t ec i y t eu a c s s dam e erA s deB s hI a rt noo0 af 8 e edhn t e s o l a i t t h ci t t c i n e ne ws I ) (

391 -

iii

I-30

S T N E T N O C

I-31

E G A P

r ee bd n du l un oo wi t c u Bd Je 5d 1g 1n i nm oi i a t l c c er se p ro el e dv ne ud e? Th A At B MoI t e0 rl 8 eb han c ti o e i lt hp c pe Wa s ) e b d l u o w A B I 0 8 n o? i t r c o ec t s a rr e t dn no uc s nk or i o t c uw da eo dt e rl e b ha t l e i ha v Wa ) (

401

(

400 xiv

n ni os i t t i c en s u rn e i a dt nr ue c? ne e os z i a i t c cs u e r dng eir s i ds a l taf e bo ge e ytr aaa mnt o i c t er e eo j s po s or e s rp s pg a n n i ro s e u hAo t Bh e Ie h0h W8 t ) (

) 5 8 9 1 d e u s s i ( 9 ) S A ( d r a d n a t S g n i t n u o c c A

) 2 0 0 2 d e u s s i ( 7 2 ) S A ( d r a d n a t S g n i t n u o c c A 1 1 0 2 s u s n e C

n o i t c u r t s n o C 1 1 d r a d n a t S g n i t n u o c c A l a n ot s i t c a a nr rn t e t o n C I s d r a d n a t S e r u s o l c s i D d n a n o i t a t u p m o C e m o c n I

1 6 9 1 , t c A x a t e m o c n I e h t f o s n o i s i v o r p t n a v e l e R

n o i t a s i n a b r U 6 8 1 1 1 & 7 4 4 9 O S . s o N n o i t s a a ce fir i A t o f No

460 Appendix 1.7

) 2 0 0 2 d e s i v e r ( 7 ) S A ( d r a d n a t S g n i t n u o c c A

475 Appendix 1.8

452 Appendix 1.6

436 Appendix 1.4

418 Appendix 1.2

443 Appendix 1.5

426 Appendix 1.3

405 Appendix 1.1

402 xvi

JOINT DEVELOPMENT ARRANGEMENT FOR REAL ESTATE CHAPTER

s eedndsdflr a t ha niemnot i a t ae adn r t e n rsseroyrey e r u t i oer cnt l itda u f i lo r n a v s a r i ne fqoet e e eef p c c eRv nrere sa i e h f,sha ,s i l g t n l x t t to noi s ee c nl n me etke ii s t p n k fmojce o he r m a b u o . r f t t t t r o c wmesnps y y e oetaCl opeei l j n h rorvs l a o oma t glgns r i e r i i e c t g e f p vd c c mn o ee e ieernt r t e hD e h j hn p e t ga t o g o upl t .i trmts sy p h I u one m i e r v . o o t e o dms c i l eg rn t t a Ce nar dn ou a e t t e e , oag s c yr p vrie t o y ecn i t a un, f r s lhef r e o h i y s a e a enco enm,cs t c o r r o atn n w d S r s u p e e o n o o tfem i g h arf T t v o c n e nplu,T u p g i l l y . s ryion a p t t d t i i um mfli c s r r e e o n oo es t aot vi doj Hc rn a h e o n u n f t t db ou rd eu nc pd t pn i un eoeona t mariyeIoa d o h r e t f r nfas t f t o Gn og ao e,ht e t teldta r n n enganrl om i o u a e t t e e u f , p a p gemi mhrl y g t o k r s l psonterph i r e e i e r sv F o o r v oeal i l ne .u l le hhme e o a wd t v v t q re v mc ee on u fo nt ia Rd ao fdTi i

1.1 NATURE OF JOINT DEVELOPMENT ARRANGEMENT (JDA)

to fpr n e on eel r sew e i vo t f f r e i e dd d p n ta fx n o l i seo e n e i hje ct f r r o ugl e neh oi ss dw e s o r l e me . en s d hr ,o t e t r a t o eha mf r f rt e r s e o hf a e l d l wr u a n ,ee p a e h o r ct s fpe ne o egt c ar i o c s t n u s teao eu s mde vp e i p r t gr do a nlre r i e e oav mh bde t ae dee l t l s r n a o a i croh b foFtm b . o n ase o el e i c gl mr c aon ee ece g e p hr gn o t l saaae r t i s r v n te a e i n e ecrtd n e s nd f e e en f r gi ma Pad

sdnnere i h ohot n h o t i en sact n c u e p i s o u t n oi rne p u l t o d u be v s i i vnn e t g r r el ao a t n r d n s i c e , e d oos ddl ct n u a ni e ss rrha n p e T e tofe np o . n d c t wl os e, et t oe gc ome a g dvc e. t j nespyn o m o ’ l adr aer e l e cph eev mr ,h p t n t oereet ehldephn e t n f e r mt vo e n o w eiet i w ona ewds t r teo doee g i n r n t b hca ae a a t e n tmt r do hle n e t e a e eg dt p tdhic u mn s T c n ud pae .nr orjarot e e r o r l e e repcsr n vapnomo g l en w a c u e e dat vsfs toaoe o n t d n t dpeo s i n n m i e o gi i e t a j u ll ad hl sa lr t t e a n n e r e hye ct r eo i t b n h c c p t r yeaydi d b e t t ee dc pn r an f udr a ns o rareu i t t e cma m ddsun t n b r r r i nno i e oc e r act sf Ul t i

E T A T S E L A E R R O F T N E M E G N A R R A T N E M P O L E V E D T N I O J

2 Para 1.2

. eef e.end r hotsrcin s e i a n t ter Ts n d a en v r n l . i o e nea t r f ao p c i pl l e u x m e l os p s e a l ketx i et l e a vroasnehs i e rt eetmh eo i t f dv c i ei oz fh s iot fi dt f eg t i i u l ncr d e i qcr. e t aua t i h r r u d e u pi s ro e e luncrpoi u g a nri r t qam fr ne o ec wpt i t a ep omnreavt t e a a s hnh o t dus ba e i n n h d sesct amb s n t i e b e u l i e x a h h c s t fa r g t t o e ero, sp o l nb gunt smi i o c a o t a ye sa et tr r l t e s e o j ohn o f tevlrmogf f r a e d t e e n t i o p d t e v o h duc,i t e e i a n t i t noj wh ha agonim t , e e r i u r d np si gl t mhle e i t h r u n n s eet cb t i o i t g r n a a wwpwi uot n o o d l a ots w t ede nn r sse vhn n r e a e a la l r aeti a l d aw eoehgm, ha hsrcnpd r i o t nows raur l ,e f i s a e r e o u n h h v e nq et t i t I ers ne a n i c d . e ng t or ntader h c ao t s e c ae t rc i mtl p j r o eox t i fo j a f do e se r , i toheps r l h tpnp t dmu o t s e e n oo noh fO np hmo acT ct I -

thsf i ro cio e l e u e mp s hi t mxm r e h t o e c u o ct i p oh x ayh twe sr i i d ttwdn s n e dna ei a n t l e mr c sn eaai gprh e e nen i r s ah ne e . r t t a t p r c a hmuxe t beo j to n ei rsr l ebb i t p h n mni s o e s pis t c e eo or a z l t i prl e s vetei te ehsnul dwewra e teboe n ce pr i nhdof o etnlo j einaeg n v l i n he ei e s t ve t hde tn c e a k hr horTt c u . t a t dfon d s o i enm e a tr mad s enetgn s bei ve na i t v nmt d n aecnl e g e cn piom h l ta sa i p y e r , i t o r r c dl c a n a r e al i ar ev f e a nl e i nc hf i ad I t -

tytt n n kni : i seo r o e j emjd f p fh o n o os Tl u e s s m . v me ra eo rmd e f ot if sb f ou y tdn oa n o i r o i m er i a r t e e e Vc a p f . e f i s i r t t ac d c n a ,reer y e hmp r vt t e o n s o gi u t n n dd d a e e nv er e i ltr s u o a ev bte t i r e a n r t ea s etm n h e v o c pi lac a oh eholw e s r sl vt t ae fn n o esde tmatm n n ehi e s eg o g e j mnc n ra pai e r r r or dr pn l a e a d ut v t n en en at de l ae emgtm hpnsp e i t t oe o ll l a he e kev t v cre i eo f Wd rod

1.2 DIFFERENT FORMS OF JOINT DEVELOPMENT ARRANGEMENT

. nhetents n n s hi ri ca oe e et e i t dhcm,tmc i a owapnr po o e mahl i or ot dl e ii c t e nr d see i auvd nvM e e ytsd aod l t n i r t e I enceh s e y I .h ht s pde t.rt a o m i n r gi t rnt e e o i n par t f hnr i y enor l t t henous het t mupemdo o pea e e n l i os vm wa e l i y a l n vtt e r eer oe vbo e dbets egt c r nl di aede e n od uhesne r t a ugta we o dle hc t b ecre snos n e ni e es ev ha i l ahur t i h c etoa g ot nr yhda t i ab n eenee sr i odhticm c n t eo e e s ee ru d r u flw e i d g t v ovs i odl n os o hel n a e r s a r sop r da r d c l e enn yv a o e s r ai r eao h ncb mtc h n a ai rornu e fh fl e e r S v o t e . rianepl t o d w w h h e l ao neyote i l d dr v aen wy ene had tmt Os ap . 1

re ree ehde rb h h c e e p n t v T mtul o s w y o . l t mnfoobe v c oyoe nvj e t can ndeeo enkdr r a ep omeeat he rmblr le , a e ss eth pa i po t dyt a o h l n l cnbf e ee t u v o n n dv a e e s i e t ed i s v n d h m e t i e re r g cn eo m fh fguesp o Tdnsmio t. a d p n n nr l ne I o etar n a l v . a e l melt s e v t r pmfn d c e o otoee df s e l n j mo e e h e n vvo t r i p h o t eni p i t o h t s dii l t sa e ea i reu r t v w g ou ee a qe f r t d thcdsede i a e s t c h e n n k er ni lwo j n a iio o i c t u e d j l rq s , r ner pe e e ah e r v e er t nogltn s f s a i r dw i e e t a h no s xorl e sad ete p l h e lp n rn a oTote l u emt a i .e pl r t b i v o c i e eos l r et ed e gcoj h l p t r n v o a a eo rood i np Lc tc t i . 2

T N E M E E R G A T N E M P O L E V E D T N I O J F O G N I R U T C U R T S

. ts u bm r se mt d re e t e r yg r a a t e e h nt or e mp s na i t yc l n e j oo tr o p ne h dt i a n i ps si t i n su e s d a e cp hl o ce uv se nd i g nn i or i t a a h r s e y db i s o ns ol ca gd ne i s t s a u r c os pi rd oe cr na i dh ec r i uh t w c us , rn t s o yt i l l a a c r i e l np em gi sl i a t i n c en ma n ei ef r g g n ai tv n a eh ms pt on l e e vn eo dp tm n o i c o j t l n a – : cew i r p e o yf f l t e ib Ad

. fs lt/c tee era h bo neet oaht t g e e k f he rr ot as , sd yy t r a a t b b t e n dun c s m n k a eai d o y r o e d,oc e h d i r e r p r u l tru ont b a a a a a qt nh i ,c h t a i el s ls ds r e n roer uae e s n e eg a ln r n pnro era e e o s g a r e d i t l p fi e ae r sex t r heexd vesr r e s n e e mu otfh t a d t h r cmof n c e t et ett ,on n c , o t h i r r e t mj c le e s a efet eo s j m s s l r yvub o i p bety rayot w u v c r a d po f e oma erpneo r m H t p,ov r r e d e i a . l s e p u t s a t t a t c ps auu cn s ss n e s eso a d r r i lun mac t o hf ee a oas de r er i lncs a gnv r u o t sn snao. fafc o v t b a o t n e o ,c s r ges as tn geeg oro l i n a e c a j i t a g n i en o h e hts r d r t miaa n h o c a h n f ptchpt uepo a o obgceo smr l h l o t l ee p l e ntt n a h opmt vrin f o e s d l o , ef o of i e i y u m dd h s l ss v l l o t , e eecpts a i s s r hrnoo m rdoi e l t e i r e t t e c tn u s er n m n rc v l e g i on en aw o eo i u t Fi di c Gj rpo i -

tnn f yen o ii bhe y t d n d, o ndmee r n i p a r s ae r oe l s o i l t f fs t e s t m o , v n a n t r eI ea fn e l . dr o a e e p t l s rm et t e e h oi o h wpt ntt n f o g yoryol o p e l l rf n le ls vi a frae n ei e r us t da pe sn nu o f ua t l ecob sre e o i t s vgx t fe s eo eh d i r dd rg n e hyeneia a r n t ln wha t l l , o t ofwat i y o n g ebto a d r e n t ni mrel t n e t n an i ep e t l w, go s eae e ne o l hrr r av g e p r hoT,e f . r r e r e e r a dtr e f teye ppo b o n hol hr et t Tle e e h mov . vvg e ptot eer i dde a ordt e l es eeh nd e ehht v ewnlttg f f doaao o n e d h tn i r rrd s n uu u e ai i ol l o h o d j t en vvc fa ha nt an I loffi

Transfer of Land and Executing Power of Attorney

sedetos,. e tv e n e i hmc i cbeh e g p t n w r y t r n c uaoum oei ’ l e i f t bpD ome r p e s o v e h ‘ s ke el e e h p . c r r cdrerixa r v u h ei em r eteM vh i w a i d e sdh wbn h t a ft c d t eeyloi nhng a t a a pa ewaet i n s m l s c t s h i c e i s r t e t g r e u fehertntjb c a e l u o i m o i a r r po i brr h i ge x t nrwme butpn f o i q c a e l o o d c et cj d l o hn l c ao ot rno nt pfaoac nren eolle’ipme c hrfa t O e o m i s p n t e ‘ t h sp o e e .et tn i r i v l o e o e t r e l n r f l n deMi vg p e o i ev p ea .ot s ae xt dn me t c s ro edsreeso n j e o g f i c e o t t f newos c i a r ln ah n t o a r p t i o r t a c o u d ’ i r o e e n t b O q n a t j h a ‘ fi e a ta. o t t fu l n l rrrr eo f o ee e p htpc mnMehot re pw-ttgearo t e n a d s p v ooa n i v t l t ni a s a l e e r . a h a vddehk s e n i e eltr ea e t t t s a t o n c dl n a o i a e r t eu ter nmnar r t n ht s s eyo s i s a t d e e o b pes us j onou yl xhe l Abi adads eTr Contribution of Resources

Incurring of Costs

Para 1.3 3

1.3 STRUCTURING OF JOINT DEVELOPMENT AGREEMENT

inter alia,

E T A T S E L A E R R O F T N E M E G N A R R A T N E M P O L E V E D T N I O J

dfre nooh r ae rt l e n fwp i o ot s o l np i e o, vn i r eu s e s dd h e t fe s r o s p ouro l pFu e e.ov n ve ho t a i d f rt c e e nh u vr i t ot df ss no dna nol g acfi n hdol l dnre naes atnd snwn e o e a i m t e g i p h r n ott ol i he y e t vbk u e r da ad em yf t r u o oe r co t e a s xf l oe u e gpse eri n u r i y . m spe t e uh c n o e ot rn j i o r o r sr t a i t oa h p vf eed e y s t hh hrr e o n t t ha Tc e fcr to c . p a atd ao t h en r de t d t eand iP te da rf n ednleeo e c p ah r el ml no e t t al ei f ef s yen gt h v o / e np t ea evd ai fl r n r o h t r i oeT snt a ch r e teoe th e i h n n t nt hi ewrtt f moogfdo p n o eA i pedr t oh 3 eins5 l u o e t d e i v vriqt n v c u eei y o ac l dfd i l s t e t a n c tnu u xr n e a oee i s r ehfnf o t j t h o e i o ot g nt w y n g i s a t t i o nhnn i wd i i gd s oi i i uynv u r t ao l a dbl ec uh r e e np ep t i t mh i s oa tl te si etn e fh ue vnot s h. qguet p d i r t di i i 2 n e e enh w 8 upph i s 8 r e aootde 1 l l c, e e henn r sv vi t t i r wac eew e td d odA f I

,a -nferrs e oe e voorf n p h i s t i et t s a n y a r s dr r . eb o ucd e e i ed f y m e n t r hi i ea yeuda t c r s p na bntod r o a oo p e r l e t e h e e p e dcdvtcc r e nenehnnl g a aladtaIs a i a . l t s ewvs c d e r eh eee hta e ht hh jtn t o t yegmtn n p fgrbmi oe i o t npee v s i m i enee rv uee h i e orc ckh g netd o e c t t e a fs r we h f s o d oroi o e grtnti n t edn e h amr i n t ha n i toa gc o t c wn rpb e f ytn i ey bcaorj t e o n e d h n j b t fin t r e do p n d r a ep e mne e e l t ,h he n r yea t e e t Th ah c a wh r e npt t . t j g i s s oo gr sdee t r b yn t e e i l i kdb l mnpn t a o e n o e et ot i uk i hul et t sr d t a r s ua urfengn u emceopoao i d o g t r ec l c reine a bc ohsi sftnhvu a r y o e t t c r a d t s h mcn e n n m gp e e uh oh i i oto rt of at Rl ci j l

lsnfee ta tdn niodh e n u e o p dpit ao t i mu nico r t lp a g ahet d e m s c r o gv r e i y l l e e nee , . l m p n i p s nl d v a i i d e w reehmtwuo c a t hdsifon n o n gt xt e eu re to e f a e n i r n vhq t o f t i i ete s s a o o e e l n j ms l mt y e hpa n i a r rt oo e t tt r e rc a mf t ehe d t h o h ehn nw hdx t t hti a c a n t g tti e t a h , h r a ndd l r e gw i ie e i e o e h y c p r t ne t ht eo st f nv ser a e dl h e an a e r fv modyvttmoa e l s h s o tceldnt a a t t a dr d ces h u g l hna e t fir g ui u hi wasnt cr o ne e sr nt p g e v pw i i ohi heeds m n og l n h t e t l s a sr i ol or i vt i sr u t te et a rI gswe dsnn tnu t n i ichn. wi m e n at c o h ceeiwohuf c fik h h o r t i , r f d o t i w r h a ee e n e r r w h o p ,t gmt n e e t i r hnof n s e l e yhyeftaesp n o t v g r t m m r a o e e n fe s r l e t i vo d t t e pe a w h sgo v r e ee i gohh rgi hd np ti a r flw t t I -

sttdel y i o n hn nt l i ep af o o s l j nee eot ehh hto ct ttnn i e l n n f f foo me o o v p p e i n og euco r s rnili e s ue e vd s t s t e e a s n n s d e ne a s dl eo eoh e pnh ht t a t rs en t e np h i f i ttoo i toI t r n l . h c e t o gen u v i v i s r o e r e s t s e ,dmdn t s n epn s ehoaoo mtlhcp e g , eovon s eteti e r rdtk s g e a a n f t ano c e r t tweme s n sedo eoo gnm mdpn u n r afi n pa ur or ol p r l ee e e eas vhh h tot ett n pr dyr er u tbomuF n . dfppt i d e o e o c j n l t he n aet j aa v l o rr eo ro fd ng fp I

Handing Over Possession of Land

Marketing Rights

4 Para 1.3

T N E M E E R G A T N E M P O L E V E D T N I O J F O G N I R U T C U R T S

ed he t p o ol ,t e s tv e c e s oed pje roh urt p pe f rh o e t s hn t t ih o g lsi l t r i a p rni ouh f dr s te u e pn bo tlw e c vo ee j e o dh r pet g ehn hti g r t nr fi . s o ler f l s te e n s n m a err o mot t s pfdu ogn l c n a e e vi h edst u r dc l e o m en t hi os t t t i s r un o cu f et y nv di i nd l ai ae h b ht ar . f d xe ea l a hr u n t t dof w g w e o o nr i n e a d d o m n rri a a e t i t l a gp l eo f e r luoh p e t sv t i t f n me s i o rdho s e pd e t c en ehuh a htst t h os rta d e e eh d , nn t d t n i na c n e al ei memd d heo n tt eta a r l hfg sf wo n o nao t no r i i e int f oseas s c t m i e n l ss s pp a a r o o m t l tp e n e vih aee g ch t n di fit g i n rthi n c n gei a d v i o e r s oj r a sger g i e hf ar nt ti I -

npo co mn ot l i r oa t e e c cs v h rpuet r oa d r t u lm s o a f nt i , t d eos n n ehcra o dtet. h c i t t c s e at e gtr e r u t oo n st r o a e y cw tdr c nrb o ea a j up o , ncse ra o / t pl s g ,r a eps or et h l l i t ce t a i aw. pr r r e oe l votsm h n e e t rt o, vou e s c eea t y dh ra s e yh otr we t e t o c r ta sn o t h a a g a gpl nhn i eu r r e gict ep egun a hor gsi t a stensm e h , e t i s t e t y t i gi l e mbt i h rno r u t e roup p l f s f oa l o u d i e l l c o e e s e i vrnm v r eeo e a iv ih Dmt d Development Rights

. ,es dr hn ne avti o teys n wbc i eo d e mH ed p.r r r a oe o l hj e ps a vo em el b de g v ee n yi hd a k t remt a oh s f t e e sy r i e o t b i i f l t i e i n l b b i ei b s k d i ane s ntoi r orpu pesq sdee n r e uer r l e ehb a r t i r a fy e to a gc ae em njmt o ar n oe mp s s ee,n s hhe o t t c s l fa l s o a i ,gch y n ni r l l i o a t a t e r r r e k e e n nrc ean w Gmi o t: s n ea r h e c f u f i s d s ne i i t dr na ap l ee h ht t rh ot f o nb on i t e a e r e w de t i s nb od ce d ei l c a e s ed hs t m t e r ge yt ae h mt rr e e np ws oa , dr ne an l en ha Tm

e h t t a y e n o m e c n a v d a / y t i r u c e s e l b a d n u f e r n o n / ee l g b a at ds nl a ui fi t e n Ri . 1

t n e r e f f i d t a d e v i e c e r e b o t n o i t a r e d i s n o c f o t n u o m a m u s s pe mg a ut Ls . 2

o i t a r d e e r g a y l l a u t u m r e p s a d e t a r e n e g e u n e v e r e l a s f o g n i r a h S . 3

d e e r g a y l l a u t u m r e p s a a e r a d e p o l e v e d / d e t c u r t s n o c f o g n i r o a i t ha Sr . 4

. e v o b a e h t f o y n a r o l l a f o n o i t a n i b m o c t n e r e f f i d A . 5

r, ttd e n rn ne oa wmml e o p h r d o t o nlf f e o av n l o n eei o hds i t esr t i yhm o btr p nre o eopr vf p s e i dh e g h enTt bud .r f ye no ah ad mtl n. eea r ds hle ni t ep aa r n r o l i l t eoon e t ee hr v t ge e e r fp d a o he ohth el cnt ge av eof ge h o t dtde e r oegtr n n hi a mt a tr h rea s lege ob f reh nacbt onfyo e o i at s oy s i g t amn msw ei ray g l l e aa obg Ps f u

Sharing of Revenue

Mortgage of Land

Management Responsibilities

Para 1.3 5

alia,

inter

E T A T S E L A E R R O F T N E M E G N A R R A T N E M P O L E V E D T N I O J

ntr eno een wmw tyo e ad bp k dea r e/ e et r r nb g aef emo bye yas apa mdc nn sa i a t n sc o ne i oo j t i a t r s a pn l u e ep ph i t m t fo s . t foc n o e e t r da om nf i e n e k e hor tt i n t g a egr a r nee i e d f dt h f rs i i a d f egno o e br cn ysri o ae e t i ha mt r t n ear i r u p m e fr ef hh e Tt ot

Termination or Break-down of Agreement u

6 Para 1.5

nse nn h d h l n t e a o a i i g i o p s s i t wn y i o r h t l l dooae f a s h r i o ncpe t u al eed t th l c iecya m a a i s ss g h i ws ond h es o w i l shgcu fyn b t e o t tnyoo i t i r h u e t ee t ta s a bge u g i m l u e g o r t ihani t t r f a s n tvc t oeopa e a n yeh cr eh e a g hts hc ra wtse e tu fir ny a hs wayorpt e b , n en omdn d i nr n w dei nO oe oit i nhk n .dka a t h n l w nc r ni ,ci e e o t i r a . rjl ddr h n o o i ewor ehs u ne ep n hs mrr an t aol eo e uh fc c e gf er t o neu h t e n p l ai cfndi Te a r n d r i n r s .t r i d i n p a s f m nn t ao si rt te l ae n tnnestln et u i h n e ea memdthuh t pblenfoto ohapiomfn t n l n o cs oi e t l oaed ne ai ve e n i l t ef nvmahaa doi e s t e r r e ttndrd to ne n t w h e a o i i s hke eihcs o r t i i t t j n a a v h v orm fw r na n o e ce I i

1.4 FACTORS HAVING BEARING ON TERMS & CONDITIONS OF JOINT DEVELOPMENT AGREEMENT -

eestlfy hhesaoa e e t t t w t r a v swr u n . e n y o i o s eb ki b t oi av t n r a s t t n e e l r r l s e ne no m e dm i wmy dg c nt nn ooa us rf ui tp e e opptvdsd heonnnue a c l i e l k wee i k e f n v c e o h r i i ht l usef t f t eddu n r mo a nr o i eaesptot h w r e r c f peThrte n u o er.tj et r r ssea t as n t t vmms n e oa ytn i egt aeo h s i sed plc e a t a r tmnotsee u o n i c e r t h i etcst k fr t j ece sao o u onmnf rmi pamdo rod i esoece t n henh h a t a ho cprt o i e st c chlen e d e i ktenwv u s i aads en o t dnrddo r m a n n e e aeca da t n l h e e nsk g l wfTa us n o i .sk rero t a n f n d e c i o o m o ps e n o i j ou nb at l bgliool s r e n i i e p v t i a f u l h a i eo i q t t e r a d i t c s e n v ha a ek ni e t t hi i sr ef s ne Tr pwi go

tdd een el r en uubee a r o t mnl n tte l si s ea t eaw n vf r e h d td g co n ma i u n o e o hsg ag j fdncss , r u o ras o n a r t eh fc o r r o i a at uot sfa t n s n r n a oue. sei ni c todt eemi i i hr pdrse n a t e onv s o l on nhe n co i Tv c olt s i . e d a i r p i a D n te c r n aur p t e eo sged n n l i me ms i mi d evo r n m n eeJe o f r t e o do c g p c Aesee, x h nhds a tt T e t o n i .st i , e s edt r r i n i e e t ma a d i r t p p prnr a o o a oe p l ee l ncpeh e v v dehte ewnhtfd Doatyoe tdsnbph n e i d n m t a e h i es l f o r dn o Jeewi t ahtecon i e t ,tgbd o t n n a i d c t i l ed a e eer ee b t f r d f w u i a y e dp c t g a e em ne ed nb ar r I

est og n mi i odee u b cdd nn, s i i as fe t dp o uom nq o ge oi i nft t t u o c asea r n l i t a A t As a . e dDdg nJnr arae e e tp m s n a e esh o mac drd te us a eppe r ofu t l s os e gv si ne n i x t doa n i t t t uc c d oe an cj cosa arng a r fpt n i o el t t an wa u t mo es i rc e v oc ln fa a o e r tr x e n e ahl i t o p ,o py m t mo i el hi oc b t arh f i ml c ti c oxn h ra iw Ft t

1.5 PECULIAR FEATURES OF REAL ESTATE PROJECTS DEVELOPED UNDER JDA

S T C E J O R P E T A T S E L A E R F O S E R U T A E F R A I L U C E P

Para 1.5 7

y t i r a i l u c e p e h T . s e u: ss s n i o hs ca ue sr eg vn l i o w so e l r l o of t e yh r t t dr no af e sb s uy ca s i m d s on t o ki t oc oa bs sn i a h r t t nh i c eu ds af mo

l a r e v e s g n i r e v o c n o i t e l p m o c n i s r a e y l a r e v e s s e k a t t. c s er j a o re py g en t i a t t n s e u lo a c ec Ra . 1 spd ge nk n oa i v als e l t o vk vsei s l a ni Dr i s . ech s n ga e gn r i n a i l fih s eu yet r hib e vTuf .qo st e ee i snrr nuag oore m i e t d p a c h o axl g s i naeh atvs e e r gde t u v eh el t h o a gtv t s n n di i e n t lda c u a e l ec rj r e o fnnr i o ywp eeot e z nd i a o s t ns yma e r fll a o a e t e he. r nmtf s ouho d st r me ota n egbe w hufm e Tho r . 2 -

r/ r he e t . c i c yt mn uu s e ou bd t se s r e e ut gee ca t p a d t oe es e s l hl l t tea a v n e hr es ed t f i r o e we oe f h t f dt c i n d ed n i r a n sgy e a e t n e n i vr t v l en e o n se vto i n n c tm e, i i p n , n tt o c l ue i o i . ens ev j s t ee oue c a r d n e t s ph s e s rt e o etp les t i d f a a x o r t ene e s u r o egv n est o lk i hin a e g i t e t on fa e r od i o tm f bn s te o o,a n c h l ea t ch t n me , o nt e ern m un ees e r pam h l e g t o o e an l e r e eed ep v t r l ha esg a S w fl D a a . . 3 4 edg hnn i t i fknt . fi o te n tnd e e n erdm e e mf ne f ar pi tg odc l g a e e n j vi e o es h rt du pr eree heh d t ntn rnf oa ou f s se tme n i xut ee r na mle epvp emet r orn g e acdr n n e ti af f n d s i ee t d s mf to f pa co or s l dgn e n vsi o eirt i dtaa c h es tj g n i l r o i b o r o f o Jps ,et d y t n l n la a a t a i s r r s e e t lah na v ee g fi Gr o r . 5

,tersf s c i r edead p a ejdonf o o l yr ne o i t lpava s a eeer e r d t h e c e t u d n s vd i p ad en s s r s n n i d uod san f e c gi e kn hffh o at i o t ey t aa t to tu tn t i c etecee r c j s ucumi o a y r r yp a p fla e n pv o eomt i t yg e p a l h t ecue y s i e m D a . e h s k i . m ls t e wt a i c t e n , t eo r e y I k r j l a i . a o h r p et i r t m e hd e nh t nop o o e wt fo t o on cmh ntstnde o f h i e oeg o nw t k i i t at ru ns e a l ooole p mripeb t h hl e mct nt e i oi r lpe hu i cma t m i b t eosot wa t hno n t o codt ecnnnen ceyiyee s r ag neay r i hmama e S f t l . 6 -

tgn n n e i i e o t j w a t eue htb c t u e f fls o i or nt a o e i e t ur a u ndt i sa mi e n rt r e g t a n i rpy oer ha nt v w onf deo kes w e at t ee u r p bbs ti en bed d ymn e ag a mn s n eao r r r i e t had i t t n n se o e mmc t ipe t o . e l km e re mv a oe h Sdmt . 7

x wa at l l e im v i c o c rn e dI ne h ut yr t r e e pd on ru pd fe o z i pn i g h so c r e e nr. s wte r oet s s e fa o m la ra e r t f i a s p p na ac t r n t fe r goe nrf i ei f d rfd s a ne ga v et ra r weh o ahd t l edt hn c TaA . 8

na i a e t t r a e e cr ,c t y c ea j m o rf pl e et s t i a t n s i e h lc a i eh r w e hd t e t fa o e tr c n ee. t mbe s pos ol sa l a e e v l eyb i dag fmn o a st t sh n s gi e i e cr l oeb rl a pb r i e eg f s hnn t aa t nn r I it . 9

y a m , s e m i t t a d n a d e g r e v n o c y l l u f t o . nr ee r h a t so e h uc sa s e i xh ai t t dw ne ac n ga ni i r t a n uv ot ca ce Ab . 0 1

E T A T S E L A E R R O F T N E M E G N A R R A T N E M P O L E V E D T N I O J

8 Para 1.6

g e r o t w a l e v i t . c s er f e f p e o dl ne av ce fid i e c t ea t ps se rl oa e yr t i r d on ha t u y r at s yu r od t n a i l u e t ga et r s oe l na s e ir ee r t e a hl Tu . 1 1 -

ed ce i t t c c e at r e pd no i s l na ee er s a ns ek eo bo sb a e hh tt i f ,o s nt ou. i s toe c g i an t s i i r nl o aah e r dt t u ha es t a ae t ch s ft e y lob t a n eu n r o foi o t m a eag s i et a s g cu e v eh n ht i t an ho nt I . 2 1

s ne i k ra e p om l h e c vi eh dw e . s e hs t s t i c der nre e t an x e ri e ee nv m i wt o c oe s r dp e sb ne ar m l ru ei he c t hd ft n o ta tcx e s t e e o r l rp e pm t n oo i t fs c o a a to c A i sD fl nAJ oDf c o J s g g i n n et i i t r f f e a a hr r Td d . 3 1

tyos . n ate i i o met j r fsua d e o p i m gt e nrrh a i t o p t f f n a e s e r hi t e dt w shmt ut e ooob r i b f t e u fti s aoc r c na i dwt y s e ni i a d av m sf e nonr o i ott u i n c t t i c aa o ap s n s t n nn a e ah r e t r t t r e e emh f t otf i a r t fd f s o f e t eo ln cs a e eent m r au t es fe p o s rbi eg ud r a s l ut la t a n r a e e ner v xm e n s epi l ot h p l lc e mv u i sh oe e w Cdr

: ys hel ddeygl t k n n e n l o auec iu o Btorratf f i o f t e a .ohgf o a r a s r b t n c a odtseedc i f j se enaa la i l dt m eaesgciea m m r z enhbr i o W e l r d l pee ,i a l e . s s i r t u r s d e c e ogfi noi i ec Aott w h o pn r r i sf a y si t t a t o a n p s pc yee i t l r s r i h n e h a n l i gamlthp o o o c s i t p i m p b d h t o h a i ft arl g c o o&n i sae v u l i i sbsw p tge t n D e r n s m f oooi e ea l i t f r l t x msn o e a eti,teaft r o t l e n ei e u Jv ed i u r d o h a . f n g i bs rs t an a thon , t s l tie oni ota t n t n x o g ear ecee i s e t h x a t mt m l c r ae n e oeit pei a t v s or f o oea e l r uv rr ,t e g h d e pe in vst dA y , r enc e s ne a dee ta ng n o m pai tt smtfeeh n r r o i e e mc a o vrap gp en i j s oh aarn i e h i f eihavlw e c s d a h t o , vd e e t h n i e ni gt t e f f e e nr v i aoaeytDr t r u t t p f w e i ed n pi l a s t i r e s r ee b a ob i hc Dt bbad Jo

1.6 SIGNIFICANT ISSUES IN DRAFTING OF JOINT DEVELOPMENT AGREEMENT (JDA)

inter alia,

eo. htr t e sn fa o w soo s t h d r ge n i p r a l o pe l e i h h vt se r f do e nes whd otn oa ,t e h mre ie h t n t fw o n i toy n di t i o ni l pl ab te a i a l hhx wta yt tb a n i dda neg r ar l a rei t f e s p nn a na c ar e mth et tr a e had i wdc ne na I ld . 1

, rdt st ao c n h nf A a i g yl i rl y r e e t l r pnha e ooti d p c l f e no fio va r neP el n dsoe f i s o s b ee s / hs r e t s p e s i f oos h s p t os n pr r d a e er e vnh nT oat we dnsoh eoy ft dpoo f nujro arne s heefn t s r n o se n e i i ai s p d r o o v t ntl o sr aee i l v s ep ener e hede c t h ht e i fl t hr f o tt eo n na r hs o or t i m e g t s r he n s o e e t W t s sm s n . t oapa i poo d hn lt rse r e vda e l hn ene t . 2 e ndoh8 y ha t8 ee hb n1 Wmt i . 2

dor e nth a . d t r seoe t t i p r n n e o l uape r sv ega t e a e d r t r s o a e e h t lrn t a e e d em m r n o a e dt e es r r e pug n oca l w e to ven ehe d dtm n ehpl ioa ht t wl e l eh l tvt e n en s e De om e t tw en se t it h roe ggJb i ard r e ’d es e t vr u i enc s yue uu rx l c e xbpe eoo t ln te rn e e hivm e t rd u e e c ht eo nh We td . 3

s di i a n po i dt na r ae dd ei s nn i mo rc e e t l e a ds sr i e dh nt ae l eh hW t . fr o e nn ow i t o a r d e n da i l s ne oh ct eo l t a r s e rp e o nl ne av me td a e hh wt y nb I . 4

D E V L O V N I S E U S S I X A T E M O C N I T N A C I F I N G I S

Para 1.7 9

hd t e o l t bt e fs o s ni on i t o a i t na i r b e md i os cn so a c re oh dt nf i o k t nn i re om y sa mp re e t h yt r f a o t e g nn oi m mi . ntm i ee dhh ett nwn i e moe rhw e dt t e ne dab

ee ht h t os t t n di ea t g n aa r s g k sn i a db ne ah l et hm t eo gr af ge s t r i t ol i i mc a of t t yi t d i r e or hc t e u ah. dtd in nl a aal v sa e t h h ot gt i f r ro re y e pt hl or i t e e u vc he e Wd s . 5 p i h s r e n w o. s rr oe em l t o i t t s lu a gc ee l h ,t e my ib t d fe o r i tu n i q o c pa ts a i hi t wn tu a d de p no al e rv e ne nd ae h mt tf a o ht wh g nr i I . 6

rfd&s e o u n o w a si t omlh r a P eg u v hi dt rd nnrn ae ia e re ,o s wht t ttc n m e egA e x m bna i M u drt e e c,t t e l ot u a m dnc ee o rc rmx on e hee I g t e e n e o rbi h n t fg i o A o t r me drd dye en rrt na i ieu k tu n dy q te t eri a l hmreb i p e wer o a l lae i l ,p. vx A pce Dut a JSedt ,ed e,g hn n hy t a i t e d ds. s hnnn nw r a t oa ai i ot s wt l rtr r a gte e ge nAd nl i ofn h wb l t A oUooo . 7 e.g.

ye ah mt n ti n e er u mt en ee r v g At n . to i e n s i ejw mrr poe y ot h l t i e t o vn r eeo Dl) taP g n eO i l o A e( Jt na s i rn o das epr e ds e i v P oa rff poo n sno ot mi i rt a a e i t ec o ers hcs t oA t rn e f i o ht t l e m u hs r eo Wr f . 8 y at l r e a r p ’e s r n e no f t o r . a y nt po r ria otp c ar pe i e h h sht nto ote a i hh tt a t l of e so r s te s n i n et o grt i a ap a l g ei a l hb pt i c no ne d i en r pwa ts fe o t bh ddg i ne r i t k a e h yet nrt acc s i rp e f e f ia hh t sy e na ho Wt im . 9 -

e c i v r e S , s w a l x a t r e h t o r e d n . uc yt t e i l i y b t au i D l f p o gm na i t n S n, ax l a p dT s ne al ya t S i l , i T b aA cV i l , p x pa AT . 0 1

e.g.

n n i o y c i t l o i t b n a i i t l l x u a smt e r f oo tr n f y er t i l mei enb ewa r e og g r Ada tnh a n elc e e mh h ptt fr oo l e e t vsl eda n Da y a th n i em o Jhh ftcr . i n o h i e s w d h mn t e a g rl e t o e t eh l ht a t f s ro d e n n ho a t i e h s hr s eoi Wv th . 1 1 capital asset

business asset

ted n he et r i mhs e etd o eb r e g h ot At ten n i t eu f f moo pre t oi k l xa e t vet edo Dnn tas n e m i o o s Ji d n na t i c shj e c me o r rm e p t e ent t o a i a t t s uu e ql l eoa dse aer r ee e r t h a u t ep e r ss e i a hdc t gn. rn r e iie s hd e n t i i e v n t r hoa a r m Wp p . 2 1

tge n h nt ai cr f a i f eo i r be n g p s i suo l ,oe i e r t v e a e s t d s e e ve h lat a ehn h r co fh i s o a twl n l ee eg mrw ees gma ned ay n r al a r a mf tso n er eu e sn ms pi w oxo l ae e vth eet dmn too c n i n y o i t i j l i fdb n o aa i egl s n x a i a. t cn t t c euee ho hj t cto cfr na op I

1.7 SIGNIFICANT INCOME TAX ISSUES INVOLVED

r ee gn nw ao r r f a to n s ed mn pa oh l e ve eh dt n ti n i d o n j a ol t n e i h st r e , r t e n p eo rl e e nv we od ne eh ht wh t ei s w a ct n ae nm I . 1

(i) From the owner’s point of view

E T A T S E L A E R R O F T N E M E G N A R R A T N E M P O L E V E D T N I O J

ni n oa i t g a l r a e t dp i i s na oc cs ea hd t e dx na at e b o t s i r e n w o re oh ? te ym bo c dn ei vs i s e ce n ei sr a s s u ndb n i as a l a mr r eo r fo

ns oi i t a ? n r i e m n r w e t o e d d den a nsl aaf c )n o 2 ( i e 5 ts 4c a nAc oxe i a t h c t t ee n s fmi o o nc on i I s i e v oh rt pr ee hd n t fuo o t yn t yi i t l i i l d b i e b at air cle x i v l a p n t pf o Ao c . 2

,i -g es tn mnr i o n a oi i pf ct a nu e i d t ) di ns a ee ( ch 2 at n h l o t p i t so c b e e k s n ai rf t o dros ne n n aw o? l fo i s o i v d o n r a p l e e h hst t yawf ,b deo e i ev e mdt s eana iz t e ic fi r ge n t o nh tgsi o n p t i cie o n ede i n pr ak tel y a l hbnr a woel t hu ts wc Ai . 3

,y d l l eu nf i r mo ry e l t l e a i dt r ea bp od t e ? ns di m nm r ar l e t eey t e hd r t a st fi o e nn oo ni ot i am t r a n e r i d e i n ds i a nh s not ocr cne h eet h l a wo s r ye el rn ha t n la su i cm wia t r oa n Hp i . 4 capital asset transfer

business asset

capital asset

business asset 47

capital asset

10 Para 1.7

business asset

capital asset “transfer”

, d n a l l a r u? t f l o u e cr i e r h g at s sn i ro e i t na wi c op l dm ni a/ l y et hi l t i b ya bi l dx ea r t r e e f h s nt ae r b t d dl nu ao l ew s t a a ch nw I . 5 gf no i 6 m5 ed en da fD o 0 t5 u , oC 0 g5 n, i ) s 2 i( r 5 a 4 ss e n uo st i s i c e rs e r he t o d sn uu oe? i t mc r a voA c nx di a nf t ao e sm yn t i o o l i is c b n aiI xve o ar h Tp t . 6 e h t r e ? pt c sA a x sa nt i a ge m lo a t c i n p aI ce h et hf t o mF o4 r5 f o nt o4 i 5 t p s n mo et i xc ee fs o f o ys t i n l i o b i s ai l i v a o vr Ap . 7 o t s i e m o c n i d n a d e z ? i r n e gp oo cl ee r v ee bd e oh t st i y eb un no ei vt ea r x a rt e nr no af d me r te a f hf wo e nb I . 1 (ii) From the developer’s point of view

e dddt eoru t a hd t e t i l t e n p s an mMt I Se o n Co gh n i t t ge i t nl y n i wpub od omc e l o l Ccu) o ? A s f I s efi A dg o e ea C yt z I t t i o ( i n n l a geiNi ocbed crac n e c eP i nI la r f p erpdo i boau s t )e dM n hGa l t u et oCwhn hCetu i s(v do dnn c eo c a i mh g9A ot n d cei Se nMp r i eAe te rc t e k&r a) hr 7a t M t e )h n ho CSC f Ao P( WC ( . 2

xe at h t e n mi od ce nw I o l l eo hf t g fn o i t 5n 4u 1o c nc ? oat s i fn t c eoe d s m oe fh t o ta t ses nml o a e i i s hc i t n v ooa rti n pc tf eef hpo t s n e o fr i o t h a t ti r c a awp pte mcr IAp . 3

di nn ag o ec s e or pr ro uf pt p ge nc i t n n o uc og cn ci ah c rt oa f sm e f t o a e ml p ii t s c e n i gr np i e s h ut ? ff e o om eyo ct i c nl i n ab i ca f i f co i i l n n p gp o i i S at . 4

r ee hd t n hu t i e wr u t ei cd nn ae dp rx oe cs ca ad ne i w o dl l ea z i e n gr oa c7 eS r A sf o e s s s e ? l t op c l i ecA n r x i ur a t t pu fge n m ri t o e n c hu n t e oI hce ch Wa t . 5

D E V L O V N I S E U S S I X A T E M O C N I T N A C I F I N G I S

Para 1.7 11

e s i t r e v? t ds ao &c t c ne oj i o s s r i p mf mo t or ca ep l s a a s ,r t o s ot s co gc nd i wi o or re r op s ba fe o s yn t e ip l i x b ae t wn oe l l m A . 6 -

n o i t a n i m r e t e d n o s e s s o l e l b a e e s e r o f d n a s e t a ? my ii t t l s i e b fa o i l gT nA i r M a ef Bo . 7 o? rt pc gA nx i a t mee em do fc o n tI u e oh gt nf i o s i r A a C s3 e u4 sn s o i i t rc e e hs t o r se ud on i u r a e vm do nc an yi t f i o l i b n ao xs i ai Tv . 8 -

)e e2 s h1 a t 0c h2 e t i h wdt e s n di i avI eeA r RC )(I 9 sy nb So Ai (t d e 9cu a s s dn s ra i a dr) nT7 aeS? t t Ar a S (e t gs7p nEdl o i lre t a av n uede oRnd cras t co a S Af l l fege n o t w i o t yN n s t i a u l e i o r b cc e anc n ca Aw i d l p i do pun f AGao . 1 (iii) Significant Accounting Issues Involved

e ch at t ra a l s u e ct i i i t l r i a b pi a al d rn oa f s et ue ns es va ef Ro n fo o i t na on . r i ia t i me n gry e ot g ce n ed i t R n d gnu o nac i rc d a re a a e gyh egt r nf i st o e n uu d so n s ce I . 2 -

d? og hi n t t e n Mu o nc oc i t a e l f p o m) oM CC eC g( ad t o n eh t ce r e PM t wc a or l l t o n f o oC t dd ee r t i e u l qp em r so i C r e r po o) l M e vC eP D( . 3

t p e c n o c g. nr s i h e cp t o a l e mv e &d ee ct nt a es de ul ra pe fr o r o ef l p g i n c i nt i n r pu o ec hc t a ff o o ne os i a t a c ce i l h p t pn Ai . 4 e u n e v e r r o f e n o d e b o t s i s e t a m i t s e f o e s u h c i h w? n no i i t ri e n ng no ac e Mr . 5 ? s e s s o l e r u t u f f o n o i t i n g o c e r f o r e n n a M . 6

g n i t n u o c. ct an ee vm oe e br ag eA ht t n se s e m r p do dl ae v oe t D kt on oi bo J sf i h o t t nu i o eg dn ai s mi r na es ee bu s ss a i hn to p i t ma x ea t t t a d nn Aa

Taxation of Real Estate Developers & Joint Development Arrangements with Accounting Aspects AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

: : : : : : :

RA J K. AGARWAL, RAKESH GUPTA TAXMANN APRIL 2022 5TH EDITION 9789356220355 572 PAPERBACK

Rs. : 1195 | USD : 49

Description This book is a complete guide to all matters pertaining to the taxation of real estate developers & joint development arrangements from an income tax & accounting perspective. This book addresses the tax issues relating to the following: u

Land Owner

Developer

Other Stakeholders such as Flat Owner or Buyer of Real Estate

The Present Publication is the 5 th Edition, authored by Dr Raj K. Agarwal & Dr Rakesh Gupta. This book is amended by the Finance Act, 2022 with the following noteworthy features: u

[Critical Income Tax Issues] relating to the following are covered: n

Determination of year of transfer of capital asset

Value of sale consideration in the case of joint development of the real estate, particularly when a joint development agreement is drafted in a complex manner

[Analysis of Provisions] n

Section 2(47), i.e., the definition of ‘Transfer’ of Capital Asset

Section 45(2), i.e., the Conversion of Capital Asset into Stock-in-trade

Section 50D, i.e., the Fair Market Value deemed to be Full Value of Consideration

Deeming Provisions of Sections 43CA, 50C, 56(2)(x)(b) & 23(5)

Section 80-IBA, i.e., the granting of deductions to developers for the construction of affordable housing

[Analysis Chargeability of Capital Gains on Transfer of Asset in the hands of Land Owner] under sub-section (5A) to Section 45 of the Income Tax Act, 1961

[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 ICAI, applicable to Real Estate Developer

[Analysis of Applicability of the Principle of Revenue Recognition] to Real Estate Developer at different points in time

[Analysis of Applicability of Income Recognition] to Real Estate Developer under IFRS & ICDS Regime

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