Developer's Society Membership Purchase is Taxable Capital Gain Under Clause (vi) of Section 2(47) Income Tax Act.

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....Taxability of capital gain - Technically it can be said that the developer had purchased the membership of the Members in the society which would lead to enjoyment of the property and in that technical sense, clause (vi) of Section 2(47) is applicable. - taxable in the hands of members on accrual basis - AT....