sale consideration in case of transfer of property to developer

[Asked by Guest]

I have made an development agreement with the developer to construct a multistored building on the land for A.Y 2016-17 which in return i will hold the 40%of the constructed area

.So whether the transfer took place as per 2(47) (V) read with sec53 A of the immovable property Act, and what will be the consideration amount.

[DR.MARIAPPAN GOVINDARAJAN]

Your query is not clear.

AI Summary

Transfer under property transfer definition arises when land is given for development and landowner receives built-up area as consideration.
Whether a transfer occurred where a landowner gave a developer rights to construct a multistoreyed building in exchange for a 40% share of the constructed area, raising the question if the arrangement falls within the statutory transfer concept and how the landowner's in-kind entitlement should be characterised and valued as sale consideration; the respondent noted the query was not clear.