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CAPITAL GAIN, URGENT QUERY

This query is : Resolved 
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04 February 2011 SIR, I PURCHASED A LAND ON 01.04.2005 FOR RS 450000/- NOW I ENTERED IN TO A DEVELOPMENT AGREEMENT WITH A DEVELOPER ON 31.12.2009 AND GIVE POSSESSION OF LAND TO THE DEVELOPER FOR A CONSIDERATION OF RS 2500000/- AND RECEIVED PAYMENT OF RS 500000/-AND RELINQNISH ALL THE RIGHTS IN LAND, NOW I WANT TO KNOW WHAT IS THE POSITION OF CAPITAL GAIN FOR ME , IS THIS TRANSFER IN TERMS OF SECTION U/S 2(47)
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
04 February 2011 Yes, transfer of any right in immovable property is also treated as transfer U/s 2(47).
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Vivek Raju P

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Vivek Raju P (Expert)
04 February 2011 As as you are relinquishing your rights it will be a transfer.
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