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<h1>Capital gains taxation timing shifted to certificate of completion issuance, altering full value computation for project-share transfers.</h1> A new sub-section (5A) to section 45 provides that capital gains of individuals and Hindu undivided families from transfers of land/building under a specified registered development agreement are taxable in the previous year when the competent authority issues the certificate of completion; for section 48 purposes the stamp duty value of the assessee's project share on that certificate date, plus any cash received, is treated as the full value of consideration. A proviso excludes transfers made on or before the certificate date, and definitions of key terms are prescribed.
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