Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
The AAR determined that the developer-promoter's transaction involving undivided share of land and constructed residential units does not qualify as a "sale of land" under Item No. 5 of Schedule III of CGST Act. The Joint Development Agreement and subsequent sale of apartments attract GST liability. Despite the applicant's contention that the composite value represents land sale and should be exempt, the ruling clarifies that the transaction involves supply of service and goods, rendering GST applicable. The applicant must pay GST on the transaction value, with a permissible one-third deduction for land value, particularly for transactions executed before the completion certificate or first occupation of residential units.
The AAR determined that the developer-promoter's transaction involving undivided share of land and constructed residential units does not qualify as a "sale of land" under Item No. 5 of Schedule III of CGST Act. The Joint Development Agreement and subsequent sale of apartments attract GST liability. Despite the applicant's contention that the composite value represents land sale and should be exempt, the ruling clarifies that the transaction involves supply of service and goods, rendering GST applicable. The applicant must pay GST on the transaction value, with a permissible one-third deduction for land value, particularly for transactions executed before the completion certificate or first occupation of residential units.
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