Asked in Property
Dear Sir, You may approach the concerned authority to get first hand information instead of depending upon the advocates as most of the advocates not tax advocates. Please give me rank after viewing my details. Please call me for further assistance.
Hi, Under a JDA, the Landowner transfers the development rights and allows activities on his land, and the developer or builder, in turn, constructs the building on the property. In case of additional sales of area or flats by the Landowner, he will be liable to pay tax at the rate of 1% or 5% depending on the nature of the residential apartments that are affordable or non-affordable category. Hence, if the developer has opted for the existing system of 8% or 12%, then the Landowner will also have to choose for the same. Further, he can also claim ITC charged by the builder in both the old as well as the new rates on the consideration value against the transfer of development right in the land. Please rate my answer Thank You
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