Date of transfer of capital asset is the date of transfer of Possession and not the date of the development agreement or advance [Sec 2(47) of ITA'61

Date of transfer of capital asset is the date of transfer of Possession and not the date of the development agreement or advance [Sec 2(47) of ITA'61 - Sec 2(109) of ITA'25] https://www.taxtmi.com/article/detailed?id=16241 Capital gains under section 2(47)(v) arise only when possession of the immovable property is actually handed over or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act. A development agreement and receipt of advance do not by themselves constitute transfer if possession for commencement of work is postponed until a later stage. The relevant transfer date is the year in which the transferee/developer takes physical possession and is in a position to perform the agreement, rather than the year of execution of the agreement or receipt of consideration. en-us Tue, 21 Apr 2026 08:50:39 +0530 Tue, 21 Apr 2026 08:50:39 +0530 TaxTMI RSS Generator Date of transfer of capital asset is the date of transfer of Possession and not the date of the development agreement or advance [Sec 2(47) of ITA'61 - Sec 2(109) of ITA'25] https://www.taxtmi.com/article/detailed?id=16241 Capital gains under section 2(47)(v) arise only when possession of the immovable property is actually handed over or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act. A development agreement and receipt of advance do not by themselves constitute transfer if possession for commencement of work is postponed until a later stage. The relevant transfer date is the year in which the transferee/developer takes physical possession and is in a position to perform the agreement, rather than the year of execution of the agreement or receipt of consideration. Articles Income Tax Tue, 21 Apr 2026 08:50:39 +0530 https://www.taxtmi.com/article/detailed?id=16241