https://www.taxtmi.com/caselaws?id=307375 A development agreement involving delivery of possession to a developer for performance can constitute a transfer for capital gains purposes on the agreement date where part-performance conditions are met. Where the arrangement also covers an existing residential building, its construction cost and appropriate valuation must be considered when recomputing capital gains. Section 54 relief may extend to flats received under such an arrangement because the transferred property comprises a residential house arrangement rather than land alone. Capital gains remain chargeable in the year of the development agreement, subject to recomputation allowing building value and the available section 54 deduction. 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 A development agreement involving delivery of possession to a developer for performance can constitute a transfer for capital gains purposes on the agreement date where part-performance conditions are met. Where the arrangement also covers an existing residential building, its construction cost and appropriate valuation must be considered when recomputing capital gains. Section 54 relief may extend to flats received under such an arrangement because the transferred property comprises a residential house arrangement rather than land alone. Capital gains remain chargeable in the year of the development agreement, subject to recomputation allowing building value and the available section 54 deduction. Case-Laws Income Tax Mon, 17 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307375