My query :- What is the tax impact for developer in case of JDA, Does it treated as business income.? if yes how to disclose the same in ITR.?? and can i file through sec 44AD .??
30 July 2022
Yes, its business income. Yes, it can be declare under sec. 44AD of IT act. If developer had these 5 flats as share in the JDA, and sold for total consideration of 85 L; he can offer minimum 6/8% over the receipts as his profit, as and when these flats are sold.
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