(vi) any transaction (whether membership in a cooperative, partnership or other association of persons, acquisition of a company or other association of persons, agreement or agreement or other means) that has the effect of transferring or benefiting from immovable property. Article 98 provides that the Convention may be flouted, re-characterized or treated as if it had not been received. There are some other consequences, such as for example. B the nature of the transaction may be changed from one capital to another or vice versa or the deduction of expenses may be refused. Even the location of the transaction can be considered changed. It has also been provided that transactions may also be investigated in disregard of any corporate structure. It is also proposed that the value of the stamp duty on his part, the land or the building or both be considered, at the time of issuance of this certificate of completion, as the total value of the consideration received or resulting from the transfer of capital. It is also proposed to provide that the benefit of this proposed regime does not apply to an assessant who transfers his or her share in the project to another person on or before the date of issue of this graduation certificate. In accordance with the existing provisions of Article 45, the capital gain shall be taxable in the year in which the transfer takes place, except in certain cases. The definition of “transfer” includes, among other things: any agreement or transaction in which rights are transferred in performance of a partial performance of the contract, although title has not been transferred. In such a scenario, the execution of the joint development contract between the owner of a property and the developer triggers the capital gains tax obligation in the hands of the owner in the year in which ownership of a property is transferred to the developer to develop a project.
Therefore, the capital gains tax obligation would be taxed in the hands of the owner in the year in which ownership of real estate is transferred to the developer for development, even though the consideration for such a transfer may be two years after one year. . . .