https://www.taxtmi.com/caselaws?id=761397 In a joint development arrangement, capital gains are assessable in the year in which the effective transfer occurs under the registered and operative agreement, and section 2(47) may apply where the transaction enables enjoyment of immovable property or operates through part performance. Where an earlier developer arrangement does not materialise, the later registered agreement governs the transfer and the computation of balance consideration. The cost and holding period of gifted property are to be determined under section 49(1). Exemptions linked to the gains, including under sections 54EC and 54F, must be examined with reference to that same assessment year and the relevant facts, including completion status of the residential house. en-us Wed, 28 Aug 2024 00:00:00 +0530 Sat, 09 Nov 2024 08:48:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761397 In a joint development arrangement, capital gains are assessable in the year in which the effective transfer occurs under the registered and operative agreement, and section 2(47) may apply where the transaction enables enjoyment of immovable property or operates through part performance. Where an earlier developer arrangement does not materialise, the later registered agreement governs the transfer and the computation of balance consideration. The cost and holding period of gifted property are to be determined under section 49(1). Exemptions linked to the gains, including under sections 54EC and 54F, must be examined with reference to that same assessment year and the relevant facts, including completion status of the residential house. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761397