Collaboration Agreement For Property

This is a great relief for landowners, who are now only liable for capital gains if the owner has completed the construction and obtains the certificate of completion. Previously, landowners were required to pay capital gains tax as soon as they had entered into a cooperation agreement. Years: Yes, it is of great importance for the insertion of subsection 5A into section 45 of the Income Tax Act 1961; this importance refers to the date on which capital gains are generated/taxed in the hands of the owner of the land. In accordance with the new Article 45(5A), capital gains for the owner of the land shall be generated only after the completion of the construction of the land and after the developer/developer has obtained the certificate of completion from the competent authority.

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