Section – 45(5A) - Special provisions for
computation of capital gains in case of joint development agreement
It is proposed to provide that in
the case of an assessee being Individual or HUF entering in to Joint agreement
for development of a project, Capital gains will be changeable to tax in the
previous year when competent authority issues certificate of completion for the
whole/ part of the project.
Stamp Duty value of his share in
the immovable property on the date of issue of completion certificate increased
by the monetary consideration received by him shall be deemed to be the
If any assessee transfer his
share in the property before completion, capital gain will be computed under
general provisions of the act in the year of transfer without taking into
account above new provisions.
The amendment will be effective
from 1st April 2018.