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of <h1>Union Budget 2023-24 clarifies capital gains tax rules for Joint Development Agreements u/ss 45(5A) and 194-IC.</h1> The Union Budget 2023-24 proposes an amendment to align section 45(5A) with section 194-IC of the Income Tax Act. Currently, section 45(5A) requires capital gains from the transfer of land or buildings under a Joint Development Agreement to be taxed in the year a completion certificate is issued. The full value of consideration is based on the stamp duty value plus cash received. However, taxpayers misinterpret that non-cash payments are excluded from capital gains calculations. The amendment clarifies that all forms of payment, including cheques or electronic modes, are included. This change is effective from April 1, 2024, for the 2024-25 assessment year onward.
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