Taxmann Taxation of Real Estate Developers & Joint Development Arrangements with Accounting Aspects by Raj K Agarwal – 5th Edition April 2022

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 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:

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

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