In the absence of specific JDA accounting standards or guidelines, we must protect ourselves after LA 7, 9 and Revised Guidance Note on Accounting for Real Estate Transaction (Revised 2012) issued by the Institute of Chartered Accountants of India to account for JDA transactions. The main cause of accounting is only in the books of the owner and developers. Let`s talk one by one. 1- Are the JDA agreement, the project management agreement and the construction agreement the same document? Sir, I own the suburbs of Chennai and I plan to use it for every community development project, a Registered NonProfit Trust. My question is: Is it possible to make the AIC with this trust without consideration? Second, am I responsible for the capital gain? The two sides meet with the common intention of opening up the land and sharing the proceeds for the sale of the land on the land. However, the landowners give the developer the rights to use the developer, which is why the developer provides the land development service to the landowners. While the joint development contract is concluded for both parties to share the benefits of the sale of land to customers, there is a clear supply of a service from the developer to the landowner when landscaping the land owned by the landowner. That is why we are convinced that soil development is a service of the complainant. The transaction is carried out in net redemption terms only if the activity is exclusively the transfer of ownership or the transfer of ownership of real land.
If the land sale transaction is related to another activity such as infrastructure work, this exclusion does not apply. Therefore, the content of the agreement between the parties is important. It is clear that the transaction between the landowner and the complainant`s developer is not a sale of land, but an obligation to develop the land and provide infrastructure/equipment. There is an element of service provided by the applicant in the form of a land development project, which is the dominant activity of the agreement. In the calculation above, the developer takes into account the total cost of construction, including the owner`s share, by its share in units that do not take into account basic costs. At the end of the reference period, the company will not be able to count revenues as an appropriate level of construction representing 25% of the total cost of construction, although 10% of the contract amount has been realized. c. If the completion stage is less than 25% of the total cost of construction and development, an appropriate level of development is not reached. Construction and development costs do not include the cost of land and land credit to verify recognition criteria.
On 27-7-17, we signed a 100/17 agreement for the owner to transfer 40 lakhs as a refundable deposit to the owner of the land, which is refunded in cash or in kind. By dropping an apartment. By division, the master of the country received 9 apartments, and the owner received 11 apartments. On 28-7-18, the JDA was registered. To put the agreement in order, the refundable deposit was paid in the form of a non-refundable deposit and only 8 apartments were handed over to the owner of the country and 12 apartments were taken by the owner. The work will be completed by 2019. The master received 40 lakhs in the form of a non-refundable deposit.