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Taxation Changes in 2018 Affecting Real Estate Sector
December 29, 2018
2018 was a very important year in the history of India. It saw the impact of demonization, rolling out of a new tax regime, i.e., Goods and Services Tax (GST) and many other tax reforms that affected almost every sector including real estate.
The following are some of the key taxation changes that are hurting the real estate sector:
- Introduction of inventory tax.
- Amendment of the Income Tax Act to add Section 43CB that now requires business income from construction contracts to be determined on the basis of percentage completion method.
- Taxability on Joint Development Agreements (JDAs) that was also challenged by the real estate sector and which now awaits the verdict from High Court.
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