Effective date of transfer - transfer of property in joint venture

[Avaneesh Dvivedi]

WHAT IS the actual date of transfer as per IT ACT in the case of transfer of property in the case of joint venture. FACT OF THE CASE: Assesee made an agreement with a builder to cnstruct a space for him IN HIS LAND.The builder can develop the property as big building in the assessees land and can sell the balance blding space in consideration of such constructin for the asessee.Agreement was on 5-4-2003. The built up area was transfered on 15-5-2005.waht wil be the acua date of ransfer.whether date of agreement or date of getting the buildup space back.

AI Summary

Effective Date of Property Transfer in Joint Ventures: Agreement Date vs. Actual Sale Date Under Income Tax Act A query was raised regarding the effective date of property transfer in a joint venture under the Income Tax Act. The scenario involved an agreement between an assessee and a builder, dated April 5, 2003, for constructing a building on the assessee's land. The built-up area was transferred back to the assessee on May 15, 2005. The question was whether the transfer date should be the agreement date or the date of receiving the built-up space. The response indicated that the actual date of sale of the building space is considered the transfer date.