In JDA, land owner transfers development rights to the builder and in return he will get 4 out of 10 flats. The agreement was made in 2018 and the hand over of the flats were made in 2022. The stamp duty value at the time of JDA was 1.2cr but after the construction, each flat sold for 30lacs, where the owner retains 4 flats.
In books of developer: how to arrive at the development cost and closing work in progress, if the clearance certificate was given to the owner in april 2023, but the buildings were handed over to the owner in 2022 aug itself?
In books of the owner: a)When will the capital gains will be raised? After the clearance certificate was made available? b) what will be the sale consideration if the flats are owned for himself or sold to any other buyer for 30lacs each?
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