https://www.taxtmi.com/caselaws?id=456395 A development arrangement that merely permits the developer to enter the property as a licensee and construct at its own cost does not amount to a transfer under section 2(47)(v) of the Income-tax Act, 1961 unless possession is transferred in the sense required by section 53A of the Transfer of Property Act, 1882. Where the assessee's consideration is the agreed constructed area and that area is actually received later, capital gains arise only on receipt of the constructed share, not on execution of the agreement. Taxing the gain earlier would wrongly create double taxation on the same transaction. en-us Wed, 21 Feb 2024 00:00:00 +0530 Mon, 22 Jul 2024 20:36:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456395 A development arrangement that merely permits the developer to enter the property as a licensee and construct at its own cost does not amount to a transfer under section 2(47)(v) of the Income-tax Act, 1961 unless possession is transferred in the sense required by section 53A of the Transfer of Property Act, 1882. Where the assessee's consideration is the agreed constructed area and that area is actually received later, capital gains arise only on receipt of the constructed share, not on execution of the agreement. Taxing the gain earlier would wrongly create double taxation on the same transaction. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456395