Taxmann Taxation of Real Estate Developers & Joint Development Arrangements with Accounting Aspects By Raj K. Agarwal , Rakesh Gupta Edition April 2023

 970

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. It addresses the tax issues relating to the land owner, developer, and other stakeholders such as flat owners or buyers of real estate. This book is amended by the Finance Act 2023.

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Taxmann Taxation of Real Estate Developers By Raj K. Agarwal

Taxmann Taxation of Real Estate Developers By Raj K. Agarwal

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:

  • Land Owner
  • Developer
  • Other Stakeholders, such as Flat Owners or Buyer of Real Estate

The Present Publication is the 6th Edition and has been amended by the Finance Act 2023. This book is authored by Dr Raj K. Agarwal & Dr Rakesh Gupta with the following noteworthy features:

  • [Critical Income Tax Issues] relating to the following are covered:
  • Determination of the 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]
  • Section 2(47), i.e., the definition of ‘Transfer’ of Capital Asset
  • Section 45(2), i.e., the Conversion of Capital Assets into Stock-in-trade
  • Section 50D, i.e., the Fair Market Value deemed to be the 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

The detailed contents of the book are as follows:

  • Joint Development Arrangement for Real Estate
  • Tax Issues for Real Estate Developers
  • History of Accounting Standards Applicable to Real Estate Developers
  • Analysis of Guidance Note on Accounting for Real Estate Transactions (Revised 2012)
  • Revenue Recognition for Real Estate Developers under IFRS
  • Impact of Income Computation and Disclosure Standards (ICDS)
  • 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

About the author

Raj K. Agarwal

Dr. Raj K. Agarwal has been meritorious throughout his academic career. He has done M.Com, LL.B. and Ph.D. and is Fellow member of Institute of Chartered Accountants of India and Institute of Company Secretaries of India and Associate Member of Institute of Cost & Works Accountants of India. Having practised as Chartered Accountant for more than 25 years as senior partner in M/s. Rakesh Raj & Associates, presently he is practicing as an advocate at Delhi High Court. He has wide experience of handling Income Tax search cases and has poured his practical experience in the form of this well researched book. He has been associated with the academic activities of the Institute of Chartered Accountants of India representing various committees of the Institute and with the Institute of Company Secretaries of India representing its Northern India Regional Council as Chairman in the year 2003. He has been contributing articles and addressing various seminars on topics relating to income-tax, accounting and auditing.

Rakesh Gupta

Dr. Rakesh Gupta is a law graduate and Fellow Member of Institute of Chartered Accountants of India and Institute of Company Secretaries of India and Associate Member of Institute of Cost & Works Accountants of India. He has done Ph.D. He was awarded gold medal in LL.B. examination by the University. He along with Dr. Raj started practicing as chartered accountant in the year 1984 in the firm M/s. Rakesh Raj & Associates. He was selected as Member of Income Tax Appellate Tribunal in the year 2000 and thereafter he resigned from the service and started practicing as an advocate as senior partner of M/s. RRA TaxIndia at Delhi representing income-tax cases before various High Courts and before Supreme Court of India. He is a prolific speaker and has been contributing to the profession by addressing various seminars on regular basis on legal and practical topics relating to Income Tax. He has been contributing articles in various professional magazines, writing column in newspapers and making appearances at T.V. channels.

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