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file named ” tripartite agreement “

  1. JDA, developer 60% : landowner 40% + 4 lacs upfront ) , also a confirming party in the same transaction who had entered into development agreement with landowner in past, is releasing their right for a payment of 5 lakhs + 1 flat
  2. Landowner is a family, with the 40% flats(mentioned above) being distributed among them in such a way that eash family member shall get 2-3 flats in hand. What shall be the position of taxability when they sell these to outsiders.
  3. Suppose out of the above, the developer wishes to gift 4 flats to his son, out of his share, how shall he dispose the liability on these flats,. Also does the situation change if he gives them to his son after completion certificate.
  4. Further the developer has purchased DRC (tdr) of 10 lacs from a third party, and will upload on the same project, and contruct 8 flats over and above the earlier flats. would the reverse charge be applicable, or he should just remit the gst to the drc seller, or pay it under reverse charge @18% of 10lacs ?
  5.     What if this development agreement was entered before 1/4/19.
  6.    Also there was another jda entered prior to gst regime, the building structure has completed now, oc has been applied , not yet received.. what should have been                         the liability qua the parties.
  7. what if the developer wasnt to gift 4 flats out of his share to his son.

common query :

  1. Regarding 80:20 ratio for inputs and input services :

What about development charges, regular taxes by municipal corporation, property taxes, water charges by Municipal Corpration , water supply by others , salary(neither input not input service), interest expense, interest on gst/penalties,motor car fuel expenses, NOC from Estate Investment?

            ALSO, This will be taken on annual basis right?

Frah Saeed Answered question May 15, 2020