The AO issued a noticed under section 148 of the Act for the reason that as per information available with the department it came to light that the assessee had entered into a development agreement with M/s. It is not clear from the orders of assessment as to whether this return of income was processed under section 143(1) of the Income Tax Act, 1961 (hereinafter called the ‘Act’) or not.After claiming deduction under Chapter VIA, the total income of Rs.1,89,980/- was declared by the assessee. Besides the above income, the assessee also declared income from business of Rs.2,54,250/-, income from other sources of Rs.1,100.Income from House Property Let out properties Property] 1089, Vishnuvardha raod, Gross annual value Less – Municipal taxes Net annual value Deductions Standard deduction u/s 24(a) Net Income from Property] Propertv2 Gross annual value Less – Municipal taxes Net annual value Deductions Standard deduction u/s 24(a) Net Income from Property2 Income chargeable under the head “HouseProperty”Ģ4,000 24,000 NIL 24,000 7,200 16,800 18,000 18,000 5,400 12,600 29,400 The details of the income from house property declared by the assessee were as follows: Out of the 2 house properties one house property was property at Vishnuvardhan Road, Mysuru. The total income declared by the assessee comprised of income from 2 house properties totalling to Rs.29,400/.

For Assessment Year 2009-10, the assessee filed return of income on declaring total income of Rs.1,84,980/. 41/Bang/2020 Order Dated This is an appeal by the assessee against the order dated of CIT(A), Mysuru, relating to Assessment Year 2009-10. The copy of the order is as under: ITAT Bangalore Ganga Poorna Prasad Vs ACIT ITA No. In such case, the mechanism to compute the Full value consideration is provided by section 45(5A) which provides that the FMV of the property on the date of completion of construction would be relevant. It may be noted that the second issue decided by ITAT may not be relevant in the present context if the transfer of the property is done by Individual / HUF and it is covered by section 45(5A).

Further, the ITAT has also concluded that wherein this Tribunal took the view that while computing long term capital gain in a JDA, guideline value of the land transferred has to be taken as the full value of consideration.

Assessee would be entitled to deduction under section 54F on acquisition of multiple flats under JDA.

ITAT Bangalore in the case of Ganga Poorna Prasad Vs ACIT has held as under: Capital Gain exemption if multiple flats received pursuant to Joint Development Agreement

Parjx capital gain 2017