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Capital gains

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 June 2013 Mrs A has a independendant house(bought in 1978) which she entered into development agreement in 2007 for which she got 5 flats out of 10 built but no monetary consideration in 2009 as per agreed by the builder but in the same year she gifted 3 flats to her sons.
now deemed capital gains is exempted under sec 54 of CIT Vs Gita Duggal(2013) but is the exemption cancelled when she gits the hoouse within 3 yrs and does it fall under the definition transfer 2(47) of the act(Develoment agreement contains the name of her 3 sons). Please Help
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sudarshan

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sudarshan (Expert)
09 June 2013 1.if building(old) was demolished by builder and consideration fixed for land portion only, then it is trf of land and 54F is applicable and not section 54.
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