https://www.taxtmi.com/caselaws?id=271570 An unregistered joint development agreement does not attract the deeming transfer rule under Section 2(47)(v) of the Income-tax Act unless the requirements of Section 53A of the Transfer of Property Act are satisfied, including possession in part performance as a transferee. On the facts noted, possession was only as a licencee for development, so the arrangement was treated as a pro rata transfer of land and not a statutory transfer for capital gains purposes. Capital gains could not be levied on remaining land or on consideration not yet received, and once that issue was resolved, the Section 54F exemption question became academic. en-us Fri, 22 Jan 2016 00:00:00 +0530 Tue, 09 Feb 2016 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271570 An unregistered joint development agreement does not attract the deeming transfer rule under Section 2(47)(v) of the Income-tax Act unless the requirements of Section 53A of the Transfer of Property Act are satisfied, including possession in part performance as a transferee. On the facts noted, possession was only as a licencee for development, so the arrangement was treated as a pro rata transfer of land and not a statutory transfer for capital gains purposes. Capital gains could not be levied on remaining land or on consideration not yet received, and once that issue was resolved, the Section 54F exemption question became academic. Case-Laws Income Tax Fri, 22 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271570