https://www.taxtmi.com/caselaws?id=420555 A joint development agreement amounts to a transfer under section 2(47)(v) only where the owner parts with rights in the property so as to attract part performance under section 53A of the Transfer of Property Act; mere joint possession without surrender of title or interest is insufficient, and capital gains are not immediately chargeable on that basis. The analysis also confirms that section 54F relief may be available in a development arrangement where the statutory conditions are met, including the requirement that the assessee does not own more than one residential house on the relevant date. The discussion supports allowance of the deduction on the stated facts. en-us Fri, 04 Mar 2022 00:00:00 +0530 Tue, 05 Apr 2022 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420555 A joint development agreement amounts to a transfer under section 2(47)(v) only where the owner parts with rights in the property so as to attract part performance under section 53A of the Transfer of Property Act; mere joint possession without surrender of title or interest is insufficient, and capital gains are not immediately chargeable on that basis. The analysis also confirms that section 54F relief may be available in a development arrangement where the statutory conditions are met, including the requirement that the assessee does not own more than one residential house on the relevant date. The discussion supports allowance of the deduction on the stated facts. Case-Laws Income Tax Fri, 04 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420555