https://www.taxtmi.com/caselaws?id=66400 A development agreement can amount to transfer under section 2(47) read with section 53A of the Transfer of Property Act, 1882 when the developer receives exclusive possession and developmental rights; the transfer here took effect when possession was handed over in December 1999. The land transfer and the later sale of allotted flats were separate capital gains transactions, because they involved distinct assets and taxable events. The cost of the old superstructure was deductible in computing gains, and exemption under section 54F was available on the facts found. The land-transfer gain arose in the earlier previous year, while the short-term capital gains on sale of flats required fresh computation. en-us Fri, 24 Oct 2008 00:00:00 +0530 Tue, 14 Nov 2023 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66400 A development agreement can amount to transfer under section 2(47) read with section 53A of the Transfer of Property Act, 1882 when the developer receives exclusive possession and developmental rights; the transfer here took effect when possession was handed over in December 1999. The land transfer and the later sale of allotted flats were separate capital gains transactions, because they involved distinct assets and taxable events. The cost of the old superstructure was deductible in computing gains, and exemption under section 54F was available on the facts found. The land-transfer gain arose in the earlier previous year, while the short-term capital gains on sale of flats required fresh computation. Case-Laws Income Tax Fri, 24 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66400