sale consideration in case of transfer of property to developer

[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

Clarification Needed on Tax Implications of Development Agreement: Transfer Under Section 2(47)(V) and Section 53A Consideration Query A user inquired about the tax implications of a development agreement with a developer to construct a multi-storied building, where the user would retain 40% of the constructed area. They sought clarification on whether this arrangement constituted a transfer under section 2(47)(V) in conjunction with section 53A of the Immovable Property Act and what the consideration amount should be. The response indicated that the query was not clear, suggesting the need for further clarification.