If the payment of the consideration within the agreed time frame consists essentially of the sales contract and these payments are not made in a timely manner by the purchaser, such a contract does not confer an X, the owner of a land enters into a JDA with Y, who is a real estate developer. X grants development rights to Y for housing construction. Because there was no development activity on the ground at the time, which is the subject of a development agreement – the construction process has not even been initiated and there is no authorization for the construction of the building – Thus, the issue of the sale in the form of open land has not been received – The mere fact of receiving the refundable guarantee cannot be considered a consideration – The AO has calculated the capital gain on the whole land, although the auditor has retained 38%. 2.in the agreement states that in the event of the developer`s death, his legal heirs are liable for his debts. Only applies if a registered contract is executed. GAAR is in itself an object of full comment. However, it would be unfair if I did not warn readers, at least in short, of their possible application to agreements in the form of development agreements. Sir, I own the suburbs of Chennai and I plan to use it for every community development project, a Registered NonProfit Trust. My question is: Is it possible to make the AIC with this trust without consideration? Second, am I responsible for the capital gain? – At the end of the project, Mr. X is entitled to 60% of the project`s built-up area in the form of housing/stores, etc. according to the timetable of the Assessee Regd agreement. JDA and hands over the ownership of land to developers for the development of the property review, we will offer you an offer for the development of your property. This offer consists essentially of the percentage of the built area that must be offered to you and the amount of the deposit that will be paid.
This is a refundable or non-refundable deposit. If it is a refundable deposit, it must be refunded to the owner once the project is successfully completed. Assessee owned land – he entered into a cooperation agreement with “S” for the development of land such as 2-5-1987. With respect to the agreement, the auditor agreed to divest 40 per cent of the land instead of 60 per cent of the construction on land – the building was finally built in 2000 – and then the expert gave irrevocable authority in favour of “S” to sell the land allocated to him on 10.9.2003. On substantive issues, real estate was converted into shares when an agreement was signed between the notator and the “S” and such a conversion would amount to a “transfer” under Section 2, paragraph 47, point iv). – The owners wish to build a building on the land mentioned, but due to the unsuitable experience in building and development of land, the same for andenvervoenvergiby development for refundable deposit developers does not pull TDS (but if it is not recoverable it pulls TDS to Sec 194IC).