194-IC. Notwithstanding the provisions of Section 194-IA, each person: who is responsible for paying a consideration to a resident in return, excluding the in-kind benefits provided in the Section 5A agreement, must, on the date of payment, on the recipient`s account or at the time of payment, in cash or by issuing a cheque or project, or in any other way, depending on the date, to deduct 10% of that amount as income. Please note that there is no HARM for the performance of the endorsement if it is also registered. Otherwise, the endorsement is just another piece of paper with NO VALUE. Thus, in one case, 23 dwellings were allocated to the landowner under the JDA with specific housing numbers. An endorsement was then signed. The number of dwellings has increased from 23 to 39 and the number of dwellings has been changed. One of my clients bought an apartment like this. After 18 months, there was a dispute between the owner and the landowner.
Now my client is in a soup to go to. It is quite normal for the owner of the property to transfer the rights/titles of the property to his family member as part of the family subdivision. These transfers are executed by GPA. In other scenarios, the owner asks the buyer to transfer the money to a family member. The reason for these scenarios is “legacy.” The country is hereditary and, in most cases, I have found that the joint development agreement is signed by 15 to 20 people, including children under the age of 10. In such cases, either one of the landowners holds the GPA of all parties involved, or there is a family agreement between the landowners to allow a person to cede the property through the GPA. In many cases, I have observed that the landowners owned Benami. Therefore, the buyer should be especially careful.
If cooperation is simple and development is minimal, parties can use standard licensing agreements and orders. If the parties are considering starting an active business and making substantial investments, the creation of a separate joint venture may be the best way forward. However, in many cases, a joint development or cooperation agreement provides the appropriate framework – the definition of a set of rules adapted to the relationship without overhead and the complexity of a separate joint venture. This first describes important points of the contract, which frequently occur in the JDDs, and aims to provide points for review and lists of points that the lawyer must take into account when preparing and negotiating a JDA, including intellectual property rights arising from development work. If the new rule does not apply before 1-4-2018, what must be imposed on LCGT if the dwellings intended for it are not sold by the owner of the land after receiving a certificate of closure from the competent authority on 16.11.2019, i.e. in the event that the development agreement concluded on 16.9.2016 has been concluded. Another clever trick from the owners.
