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Q. > Please Help: JDA
Hi,
I have a query regarding the Joint Development Agreement. One of our clients purchased a house on 1.7.2002 for Rs 2,70,000.00.
He entered in an agreement on 10.6.2014 to convert this house in a multi-storied building and agreed to have 50% of the constructed structure which worked out to three flats out of 6 to be constructed with 3 car parking in the basement.
The possession letter dt 29.6.2017 was issued by the builder.
An amount of Rs. 5,85,000 was paid by owners to the builder for depositing Service Tax which was deposited on 29.6.2017. Also, an amount of Rs 8,00,000 was paid to the builder on various dates for woodwork, modular kitchen and other interior works.
Please tell me the tax treatment, amount of FVOC, treatment of car parking space provided and also about the treatment of the amount paid to the builder?
Experts Panelist
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