https://www.taxtmi.com/caselaws?id=197256 A development agreement was treated as a transfer for capital gains purposes because it involved relinquishment of rights in land in return for constructed area, and the charge was linked to the year of execution rather than actual possession, making the gain taxable in assessment year 1998-99. The issue whether the assessee was taxable on the whole gain or only on a 25% share was remanded for fresh consideration on the ownership and family arrangement facts. The valuation adopted for the transfer consideration, based on constructed area and Sub-Registrar rates with adjustments for unfinished work, was upheld. Exemption under section 54 was denied because the property was regarded as commercial rather than residential. en-us Wed, 05 May 2010 00:00:00 +0530 Mon, 01 Jan 2018 12:07:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197256 A development agreement was treated as a transfer for capital gains purposes because it involved relinquishment of rights in land in return for constructed area, and the charge was linked to the year of execution rather than actual possession, making the gain taxable in assessment year 1998-99. The issue whether the assessee was taxable on the whole gain or only on a 25% share was remanded for fresh consideration on the ownership and family arrangement facts. The valuation adopted for the transfer consideration, based on constructed area and Sub-Registrar rates with adjustments for unfinished work, was upheld. Exemption under section 54 was denied because the property was regarded as commercial rather than residential. Case-Laws Income Tax Wed, 05 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197256