https://www.taxtmi.com/caselaws?id=180491 In a redevelopment or collaboration arrangement, the transfer was confined to the builder's 44% share of land and the corresponding flats, and it was treated as occurring when possession and effective control were exchanged, not on the date of the agreement. For capital gains, the assessee's flats and the proportionate land had to be valued separately: the flats by reference to the builder's construction cost for the assessee's share, and the land by its 1-4-1981 value. Indexation was available only where the relevant asset qualified as a long-term capital asset. A frozen wealth-tax value under section 7(4) could not be mechanically adopted as market value for capital gains computation. en-us Tue, 25 Nov 2003 00:00:00 +0530 Thu, 01 Aug 2024 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180491 In a redevelopment or collaboration arrangement, the transfer was confined to the builder's 44% share of land and the corresponding flats, and it was treated as occurring when possession and effective control were exchanged, not on the date of the agreement. For capital gains, the assessee's flats and the proportionate land had to be valued separately: the flats by reference to the builder's construction cost for the assessee's share, and the land by its 1-4-1981 value. Indexation was available only where the relevant asset qualified as a long-term capital asset. A frozen wealth-tax value under section 7(4) could not be mechanically adopted as market value for capital gains computation. Case-Laws Income Tax Tue, 25 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180491