https://www.taxtmi.com/caselaws?id=220772 Transfer of transferable development rights was treated as a transfer of a capital asset, but the receipt was not taxable as capital gains because the right had no ascertainable cost of acquisition. The land and existing structure could not have their cost spread over or attributed to the later-acquired development right, so the computation mechanism under section 48 failed. The analysis followed precedents holding that, where no cost can be assigned to the transferred right and the statute does not deem cost to be nil, the capital gains charge cannot be applied to the receipt. en-us Fri, 14 Sep 2012 00:00:00 +0530 Wed, 30 Oct 2013 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220772 Transfer of transferable development rights was treated as a transfer of a capital asset, but the receipt was not taxable as capital gains because the right had no ascertainable cost of acquisition. The land and existing structure could not have their cost spread over or attributed to the later-acquired development right, so the computation mechanism under section 48 failed. The analysis followed precedents holding that, where no cost can be assigned to the transferred right and the statute does not deem cost to be nil, the capital gains charge cannot be applied to the receipt. Case-Laws Income Tax Fri, 14 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220772