Capital gain under JDA

This discussion explores the tax implications of selling land under a Joint Development Agreement (JDA) where the consideration received is in the form of flats. The user is asking if the value of these flats, reflected in AIS/TIS and subject to TDS, should be treated as capital gains and if exemption under Section 54F of the Income Tax Act can be claimed. While one response confirms the possibility of exemption, another raises a doubt, suggesting Section 54F might not apply if the capital asset sold isn't a residential house property.