Taxmann’s Taxation of Real Estate Developers & Joint Development Arrangements with Accounting Aspects by Raj K. Agarwal – 4th Edition April 2021

A Complete Guide to all matters pertaining to Taxation of Real Estate Developers & Joint Development Arrangements from an income tax & accounting perspective.

The Present Publication is the 4^th Edition, amended by the Finance Act 2021 & authored by Dr. Raj K. Agarwal & Dr. Rakesh Gupta. The noteworthy features of this book are as follows:

Income Tax

• Critical Income Tax issues relating to joint development arrangement of real estate
  • In the case of land owner
  • In the case of real estate developer
• Income Tax issues relating to determination of year of transfer of capital asset and value of sale consideration in the case of joint development of real estate, particularly when joint development agreement is drafted in complex manner.
• Analysis of provisions of:
  • Deeming provisions of Sections 43CA, 50C, 56(2)(x)(b) & 23(5)
  • Section-80-IBA granting deduction too developers for construction of affordable housing
  • Section 2(47) | Definition of “Transfer” of capital asset/Section 45(2)
  • Conversion of capital asset into stock-in-trade/Section 50D
  • Fair Market Value deemed to be Full Value of consideration.
• [Analysis of provision of newly introduced 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.

Accounting Aspects

• 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 principle of Revenue Recognition to Real Estate Developer at different point of time.
• Analysis of applicability of Income Recognition to Real Estate Developer under IFRS & ICDS Regime.

The detailed contents of the book are as follows:

• Joint Development Arrangement for Real Estate
• Tax Issues for Real Estate Developer
• History of Accounting Standards Applicable to Real Estate Developer
• Analysis of Guidance Note on Accounting for Real Estate Transactions (Revised 2012)
• Revenue Recognition for Real Estate Developer under IFRS
• Impact of Income Computation and Disclosure Standards
• Tax Issues for Real Estate Owners
• Capital Asset vs. Business Asset
• Analysis of Provisions of Section 45(2) Regarding Conversion of Capital Asset into Stock in Trade
• Analysis of Provisions of Section 2(47)
• Analysis of Provisions of Section 50D
• Analysis of Provision of Section 45(5A)
• Taxability of Capital Gain Arising on Transfer of Agriculture Land
• Analysis of the Provisions of Section 50C, Section 43CA, Section 56(2)(x)(b) & Section 23(5)
• Analysis of Provisions of Section 80-IBA