Joint Development Agreement
Facts of the case:
A. I the Landowner purchased a property being Land & Building vide Registered Deed of Conveyance in the year 1987.
B. In the year April 2021 I entered into a JDA with a Developer for construction of a Commercial Building on the above mentioned Property.
C. It is agreed that the Developer shall construct and handover to me 50% of the Constructed Premises to be constructed on the said Property..
D. I handed over possession of the said Property to the Developer in the month August 2021.
E. The Certificate of completion of the said project is expected in or around February 2024.
Queries:
1.Cost of Acquisition: In view of the Amendment made to Section 55 applicable from April 2021 whether I shall be eligible for stamp duty value or fair market value of my property as on 01.04.2001?
2. Indexation:
Whether Indexation is to be calculated as on the Year in which the Joint Development Agreement was executed i.e. April 2021 or till the year of the project receiving the Completion Certificate i.e. February 2024?
3. Full value consideration of Landowner: Whether Stamp duty value of my share in the constructed premises will exclude or include the cost of Land?
Kindly quote any case laws of ITAT or High Court regards to Query No. 3.