Question ID :
40396
108293
My client has plot of land. He entered into development agreement on 28.10.2016. Developer in return alloted 4 flats to land owner. Completion certificate of that flats were obtained on 07.08.2019. As per Sec.45(5A) capital gain will be chargeable in the hands of land owner in 19-20. My question is what is the date of transfer as per Sec.2(47). Whether it is 28.10.2016 or 07.08.2019. Further can a land owner claim deduction u/s.54F in 2019-2020.
Posted by
ATUL MUKUNDLAL TOSHNIWAL
on
Sep 18, 2019
Filed Under
Capital Gains
Hi Atul,
At the outset, I would like to mention that the provisions of section 45(5A) of the Act may not apply to this case as the JDA entered before April 01, 2017. Section 45(5A) is effective from AY 2018-19 and the Finance Act, 2017 has not made it retrospective. Hence, your case may fall into the law prevailing before this amendment.
Posted by
ASHWIN RAO VARANASHI on
Sep 20, 2019