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ITAT held that consideration for computing LTCG on land transferred under the JDA shall be the value of the constructed area relatable to the assessee's share, corresponding to 90% of the land transferred to the developer, while 10% land continues with the assessee until sale of constructed units. Profit on sale of constructed property is to be assessed as business income in the respective year of sale, not as capital gains. Observing that the AO had neither properly determined the date of transfer under section 2(47)(v) nor granted indexation despite evidence of purchase, ITAT set aside the order of the CIT(A) and remanded the matter to the AO for fresh computation in accordance with law. The assessee's appeal was partly allowed for statistical purposes.
ITAT held that consideration for computing LTCG on land transferred under the JDA shall be the value of the constructed area relatable to the assessee's share, corresponding to 90% of the land transferred to the developer, while 10% land continues with the assessee until sale of constructed units. Profit on sale of constructed property is to be assessed as business income in the respective year of sale, not as capital gains. Observing that the AO had neither properly determined the date of transfer under section 2(47)(v) nor granted indexation despite evidence of purchase, ITAT set aside the order of the CIT(A) and remanded the matter to the AO for fresh computation in accordance with law. The assessee's appeal was partly allowed for statistical purposes.
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