TAXATION OF REAL ESTATE TRANSACTIONS
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1 TAXATION OF REAL ESTATE TRANSACTIONS Saturday 23rd July 2011 J.S. Lodha Auditorium WIRC of ICAI Pradip Kapasi & Co. 1
2 INCOME RECOGNITION OF DEVELOPER Bilahari Investment, 299 ITR 1 (SC) Case of a chit fund CCM acceptable in tax laws Possible for integrated scheme > 12 months Objective assessment of income of contract Revenue neutral New AS not invoked Method accepted in past Onus on AO for change in method Possible to invoke new AS para 21 Pradip Kapasi & Co. 2
3 REVENUE RECOGNITION OF DEVELOPER Accountancy and ICAI AS 7 Revised EAC, The CA Vol.52 pg.232 Exposure Draft AS I The CA Vol. 54 April, 2005, Guidance Note 23, 55 The CA, 1764 June 06 IFRS on Real estate & Investment properties Material aspects of Guidance Note IFRS Effect Pradip Kapasi & Co. 3
4 ROAD AHEAD IN TAXATION New S. 145 & GN of ICAI Relevance of PCM/CCM & deci. cases Post and revised AS 7 Avadhesh Builders, 37 SOT 122 (Mum) Prestige Estates Projects Ltd., 129 TTJ 680 (Bang) Realest Builders Pvt. Ltd. 307 ITR 202(SC) Matching concept Rajgir Builders, 70 ITD 226 (Mum) New scrutiny guidelines Time for applying AS7 Lurgi India,114 ITD 1(Delhi) Pradip Kapasi & Co. 4
5 CONTRACTORS PERSPECTIVE Continued application of AS7 Revised TKP, PMC also Permissible method PCM only Synchronization with IAS 11 Estimation and basis of estimation Pradip Kapasi & Co. 5
6 RELATED DEVELOPMENTS Indirect & Finance cost Lokhandwala Construction, 260 ITR 579(Bom) Wallstreet Constructions, 101 ITD 156 (Mum)(SB) K.Raheja,102 ITD 414 (Mum.) Thakkar Developers, 115 TTJ 841(Pune) Time sharing arrangements Club Mahindra (Chennai) (SB) Change from PCM/WIP to CCM Satish H. Patel, 93 TTJ 458 (Pune) Audit Gopalkishan Builders, 92TTJ 215(Luck.) Pradip Kapasi & Co. 6
7 STATUS OF JV AOP or not Van Ord, 248 ITR 399(AAR) Geo Consult GmbH, 304 ITR 283(AAR) Pradip Kapasi & Co. 7
8 INDIRECT TAXATION Service Tax on sale of flats Harekrishna Developers AIT (AAR) Magus Constructions P.Ltd TIOL-321(Gau) Controversy rested by circular dt Amendment of 2010 Stay by Bombay high court Consumer Protection Act Fakirchand Gulati v. Uppal,(SC), ITAT Online VAT on sale of flats Review of K.Raheja s decision by larger bench of SC in L&T s case Amendment of 2006 w.e.f and stay for MCHI Trade circular dt Amendment of 2010 and stay for MCHI Completed flats Stamp duty Development agreements and tenancy transfers Pradip Kapasi & Co. 8
9 DEV. AGREEMENT AND TRANSFER Typical agreement Permission License Power Profits No transfer 26 TTD 477 (Del), 70 ITD 9 (Mum), 80 ITD 58 (Cal), 272 ITR 264 (Del) Transfer Chatrabhuj Dwarkadas, 260 ITR 491 (Bom) Date of substantial compliance and possession not relevant Objectives of s. 2(47(v) and (vi) Disguised sale - Date of contract relevant Pradip Kapasi & Co. 9
10 POSSIBLE ALTERNATIVES Conversion and contract S. 45(2) Ashok Kapur (HUF), 213 CTR 241(Del) Piecemeal transfer Partial retention Pending approvals, Gandhi & Co., 13 SOT 82(Mum.) Willingness to perform General Glass (P) Ltd., 14 SOT 32(Mum.) Possession deferred, Pending approvals Geetadevi Pasari, 14 SOT 63, Aug.08 I T Review 32 (Bom.) 12 DTR 1(Delhi), Veermanna Reddy,114 TTJ 246(Ban). Written agreement G.Saroja, 301 ITR 124(Mad.) Pradip Kapasi & Co. 10
11 REDEVELOPMENT & TENANT Landlord Sale * Part retention * Development Tenant Tenancy to tenancy Wagle Process Studio, June, 2003 AIFTP Journal 18 Milan A. Patel, ITA No.2167/M/02 dt Tenancy to ownership J.C.Chandiok, 69 ITD 75(Del),G.D. Thirani, 70 ITD 148(Cal.) Benefit of s. 54/54F for residential premises Subsequent transfer Period of holding & Cost of acquisition Dr. Modi, 218 ITR 1(Karn), Dr. Irani, 234 ITR 850(Bom). Other receipts * Rent * Compensation* Corpus Slum Dwellers/Occupiers Pradip Kapasi & Co. 11
12 REDEVELOPMENT & SOCIETY Consideration based on TDR Om Shanti CHS Ltd., 41-B, BCAJ 265 (Mum) Jethalal D. Mehta, 2 SOT 422(Mum.) Shakti Insulated Wires Ltd. 87 ITD 56(Mum.) Chiranjeev Lal Khanna ITA 6170/08 (Mum) Incidence of taxation Members or society or both Legal Status, DC Rules and Revenue records ITAT cases Auroville CHS Ltd. & W.Tax circular Dual taxation approach Members premises & taxation Transfer or No transfer Other receipts * Pradip Rent Kapasi * Compensation* & Co. Corpus 12
13 S. 50C SOME DEVELOPMENTS Constitutional K. Palanisamy, 306 ITR 61(Mad.) Bhatia Nagar Premises CHS Ltd. dt (Bom.) Stamp duty & Registration Amendments of 2009 in S. 50 C and s. 56(2) Acceptable margin a break through Rahul Construction, 38 DTR 19 (Pune) Scope Tenancy -Kishori S. Gaitonde, 41-B, BCAJ 5321 (Mum) Lease Atul G.Puranik, 3068/10(Mum) Development rights Khan & Khanna s cases Stock in - trade - Thiruvengadam Inv., 320 ITR 346 (Mad) Purchasers - Chandni Bhuchar, 323 ITR 510 (P&H) Pradip Kapasi & Co. 13
14 S. 50C SOME DEVELOPMENTS Valuation Failure to apply -Ambattur Clothing Co., 221 CTR 196 (Mad) AO need to refer to DVO - Meghraj Baid, 114 TTJ 841(Jd.), SVA value not be challenged by AO, 120 ITD 233(Asr.) Penalty for concealment,125 TTJ 856 (Chennai) Revision -s. 50C ignored, 17 SOT 592(Luck.) Chapter XXC & Conveyance,115 TTJ 390(Kol) Assessment pending report, Rajni Venugopal, 16 DTR 319 (Mad) N. Meenaxi, 30 DTR 1 (Mad) Pradip Kapasi & Co. 14
15 S. 50C SOME DEVELOPMENTS Deeming Transfers& Fictions - FMV or SV S. 45(2)(3)(4), 47, 50 and 50B, Shahzada Nand & Sons, 60 ITR 392(SC) Carlton Hotels, 122 TTJ 515( Luck.) S. 50C and s. 50 Panchiram Nahata, 127 TTJ 128 (Kol) Mrs. Munira S. Bootwala, ITA No. 7468/M/07 for A.Y dt United Marine Agency, 968/07(Mum)(SB) Overriding effect of s. 54F Mohammed Shoib, 29 DTR 306 (Luck.) Gyan Chand Batra v. ITO 133 TTJ (Jp) 482 Gouli Mahadevappa v. ITO 135 TTJ (Bang) 489 Pradip Kapasi & Co. 15
16 PARTNERSHIP & REAL ESTATE Introduction of Stock-in-trade DLF Universal Ltd., 128 TTJ 121 (Delhi) Introduction and revaluation D. B. Shah, 1 UTR (Trib) 536 (Ahd) Transfer of converted asset Wipro Ltd., 34 DTR 493 (Bang) Reorganisation and s.45(4) Gurunath Talkies. 214 Taxation 729 (Karn) Retirement and distribution Puryyankar Ind., 188 Taxman Pradip Kapasi 34 &(Karn) Co. 16
17 Housing projects s. 80IB(10) Amendments Approval up to Completion period extended for some Size of commercial establishments 3% or 5000 sq.ft. Another flat in project Circulars & Notifications Effective date of amendment Surrounding area, common area Percentage completion method Slum Rehabilitation Brahma s propositions, 122 TTJ 433(Pune) (SB) Amendment of 2004 not retrospective Deduction possible for mixed project - limit of 10% for CE Pro-rata deduction not possible Deduction possible on stand alone basis Scope of Decision restricted to old law Pradip Kapasi & Co. 17
18 Housing projects -s. 80IB(10) Land - size acquisition and ownership Ownership of land, Size of plot of land, Two projects on one land Approvals In stages Amendment anticipates Commencement Extension of pending projects, Commencement date for saleable area, One Wing and project, Pre commencement work, Built Up Area flat size Balcony, Common area, Club house, Niche, Dry area, Terrace, garden, lounge, porsche, projections, Adjoining flats Pradip Kapasi & Co. 18
19 Housing projects -s. 80IB(10) Completion Income Profit on sale of amenities, Interest on deposits, Unconsumed FSI, Sale of plot, Allocation of expenses, Pro rata deduction Method of Accounting Percentage completion Method, Prospective a retroactive Other Conditions MAT Pradip Kapasi & Co. 19
20 THANK YOU & GOOD LUCK Pradip Kapasi & Co. 20
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