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Section – 194-IC - Special provisions for computation of capital gains in case of joint development agreement -

 

This is also a new provision which relates to TDS obligation under the development agreement. In case of development agreements, the owner of land or building or both transfers the development right to the developer for consideration in in kind or cash or both, the proposed provision provides for deduction of tax at source if the consideration is paid by the builder to the owner of land or building not in kind. The tax is to be deducted at the time of payment or credit at the rate of 10% of the amount.


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