JDA Transfer Timing

This decision revisits a recurring controversy in real estate taxation—whether JDAs automatically trigger capital gains in the year of execution.

The Tribunal decisively clarifies that:

• Form (execution of agreement) is irrelevant, 

• Substance (transfer of rights + consideration) is determinative. 

Where the developer merely receives restricted access for construction, and consideration is contingent upon future delivery of built-up area, the transaction remains incomplete for tax purposes.

At the same time, the Tribunal draws a hard boundary on ownership claims, registered title overrides family arrangements, making it difficult to retrospectively argue HUF ownership.