https://www.taxtmi.com/caselaws?id=254545 Execution of a joint development agreement coupled with delivery of possession and an irrevocable development right can constitute a transfer under section 2(47)(v) when the landowners have effectively divested possession and control in return for a defined share of constructed area. On that basis, capital gains arise in the year of the agreement. For computation, section 48 applies the full value of consideration actually received or accruing; where the consideration is in kind, the relevant figure is the construction cost or value of the built-up area receivable by the landowners, not a notional fair market value of the land. en-us Mon, 01 Dec 2014 00:00:00 +0530 Thu, 25 Dec 2014 10:39:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254545 Execution of a joint development agreement coupled with delivery of possession and an irrevocable development right can constitute a transfer under section 2(47)(v) when the landowners have effectively divested possession and control in return for a defined share of constructed area. On that basis, capital gains arise in the year of the agreement. For computation, section 48 applies the full value of consideration actually received or accruing; where the consideration is in kind, the relevant figure is the construction cost or value of the built-up area receivable by the landowners, not a notional fair market value of the land. Case-Laws Income Tax Mon, 01 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254545