https://www.taxtmi.com/caselaws?id=307375 Where a development agreement records handing over of possession to the developer and the conditions of part performance are treated as satisfied, transfer is treated as taking place on the date of the agreement for capital gains purposes, and capital gains arise in that year. The note also states that the existing building formed part of the transferred arrangement, so the cost of construction and related valuation of the superstructure had to be considered in recomputing capital gains. It further states that section 54 relief was allowable for the flats received under the development agreement, because the expression covers a residential house and the transfer was not confined to land alone. en-us Mon, 17 Jun 2013 00:00:00 +0530 Sat, 08 Apr 2023 10:44:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307375 Where a development agreement records handing over of possession to the developer and the conditions of part performance are treated as satisfied, transfer is treated as taking place on the date of the agreement for capital gains purposes, and capital gains arise in that year. The note also states that the existing building formed part of the transferred arrangement, so the cost of construction and related valuation of the superstructure had to be considered in recomputing capital gains. It further states that section 54 relief was allowable for the flats received under the development agreement, because the expression covers a residential house and the transfer was not confined to land alone. Case-Laws Income Tax Mon, 17 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307375