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Capital gain to land owners on development of property
The land owners gave the property for development to developers. When the land owners will be taxed capital gain and on what amoun t ie at the time of receipt of developed area or at the time of disposal of the developed area of ther allocation
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whan do u want to say
In case of development agreement date of contract is relevant - If on a bare reading of a contract in its entirely, an Assessing Officer comes to the conclusion that in the guise of the agreement for sale, a development agreement is contemplated, then Assessing Officer is entitled to take date of the contract as date of transfer in view of section 2(47)(v) - Chaturbhuj Dwarkadas Kapadia v. CIT [2003] 260 ITR 491/129 Taxman 497 (Bom.).
Kindly see power point presentation relating to this subject which was uploaded by me on 2nd September, 2007 which is in files section of our caclubindia.com
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