Taxation of Real Estate Developers and Joint Development Arrangements with Accounting Aspects

As Amended by Finance Act 2022
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Description
Taxation of Real Estate Developers & Joint Development Arrangements
•   Critical Income Tax issues relating to joint development arrangement of real estate
•    In the case of landowner
•    In the case of real estate developer
•    Income Tax issues relating to determination of year of transfer of capital asset and
     value of sale consideration in the case of joint development of real estate, particularly
      when joint development agreement is drafted in complex manner.
•    Analysis of provisions of: Section 2(47): Definition of "Transfer" of capital
     asset/Section 45(2) : Conversion of capital asset into stock-in-trade/Section
     SOD : Fair Market Value deemed to be Full Value of consideration.
•    Analysis of provision of newly introduced 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 fit High Courts applicable to the Land
     Owner and Real Estate Developer in the case of Joint Development of Real Estate.
Accounting Aspects
•    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 principle of Revenue Recognition to Real Estate
      Developer at different point of time.
•    Analysis of applicability of Income Recognition to Real Estate Developer under IFRS & ICDS Regime.
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Contents
Chapter 1 : Joint Development Arrangement for Real Estate
Chapter 2 : Tax Issues for Real Estate Developer
Chapter 3 : History of Accounting Standards Applicable to Real Estate Developer
Chapter 4 : Analysis of Guidance Note on Accounting for Real Estate Transactions (Revised 2012)
Chapter 5 : Revenue Recognition for Real Estate Developer under IFRS
Chapter 6 : Impact of Income Computation and Disclosure Standard
Chapter 7 : Tax issues for Real Estate Owner
Chapter 8 : Capital Asset vs. Business Asset
Chapter 9 : Analysis of provision of section 45(2) Regarding Conversion of Capital asset into Stock in Trade
Chapter 10 : Analysis of provisions of section 2(47)
Chapter 11 : Analysis of provision of section SOD
Chapter 12 : Analysis of provision of section 45(5A)
Chapter 13 : Taxability of Capital Gain Arising on Transfer of Agricultural Land
Chapter 14 : Analysis of Provisions of Section 50C, Section 43CA, Section 56(2)(x)(b) & Section 23(5)
Chapter 15 : Analysis of Provisions of Section 80-IBA
Appendix 1.1    Accounting Standard (AS) 7 (revised 2002)
Appendix 1.2    Accounting Standard (AS) 9 (issued 1985)
Appendix 1.3    Accounting Standard (AS) 27 (issued 2002)
Appendix 1.4    Census 2011
Appendix 1.5     International Accounting Standard  11  Construction Contracts
Appendix 1.6     Income Computation and Disclosure Standards
Appendix 1.7     Relevant provisions of the Income-tax Act, 1961
Appendix 1.8     Notification Nos. SO 9447 & 11186 - Urbanisation of Areas
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Author Details
Dr. RAJ K. AGARWAL has been meritorious throughout his academic career. He has done M.Com., LL.B., LL.M., MBA and Ph.D. and is Fellow member of Institute of Chartered Accountants of India and Institute of Company Secretaries of India and  Associate Member of Institute of Cost Accountants of India. He has been practicing as Chartered Accountant for almost 30 years as senior partner in M/s. Rakesh Raj & Associates. He has wide experience of handling Income Tax search cases and tax opinion relating to joint development of real estates. He has been associated with the academic activities of the Institute of Chartered Accountants of India representing various committees of the Institute and with the Institute of Company Secretaries of India representing its Northern India Regional Council as Chairman in the year 2003. He has been contributing articles and addressing various seminars on topics relating to income-tax, accounting and auditing.
Dr. RAKESH GUPTA is a law graduate and Fellow Member of Institute of Chartered Accountants of India and Institute of Company Secretaries of India and Associate Member of Institute of Cost Accountants of India. He has done Ph.D. He was awarded gold medal in LL.B. examination by the University. He along with Dr. Raj started practicing as chartered accountant in the year 1984 in the firm M/s. Rakesh Raj & Associates. He was selected as Member of Income Tax Appellate Tribunal in the year 2000 and thereafter he resigned from the service and started practicing as an advocate as senior partner of M/s. RRA Tax India at Delhi representing income tax cases before
various High Courts and Supreme Court of India. He is a prolific speaker and has been contributing to the profession by addressing various seminars on regular basis on legal and practical topics relating to Income Tax. He has been contributing articles in various professional magazines, writing column in newspapers and making appearances at T.V. channels.
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