Is sale of TDR in munc limits is busi. income or LTCG / STCG

 There are two types of  commrecial transactions that are happening( in particular in Maharashtra and karanataka), in matter related to  land reservation-acquisition -comepnsation ( as authorities do not have funds , hence issuance of TDR) TDR is Transferrable developments rights as Fungible FSI, such that, if is land is reserved for a municipal purpose, then instead of payment of monetory compensation to land holder, Authorities issue a  TRANSFERABLE  CERTIFICATE  of  utisation of rights -FSI to develope-cosntruct as equivalent area that can be LOADED on other buidable private  plot in the same city.as this  is a transaction  of nature of conveyance.

 so some people ( Mr.ABC) tend, to sale only basic rights to some BUILDER( MR.LMN) , who can get basic rights of that affected-designated-reserved plot / land  in his favour , Do all formalities  inclding  fisrt buying those rights  by aconveyance deed-power of attaorney and then  doing a regd.conveyance of the same  favoring municipal authorities , and muncipal authorities  issue that TDR certificate favoring later perosn i.e.Mr.LMN ; that is called SALE of RAW TDR , let us call this as case A-1

 in some cases people whose land so affected -reseved-designated ( MR.ABC) completes all formalities , including specific conveyance deedwith municipal authorites , and take that TDR certifiacte in his own name  i.e.Mr.ABC it is termed as ready to use /load TDR let us call this case as B-2

 in later case this TDR( being a matured-ready to use /load) is being sold -loaded at diffrent dates ( AY) to  different persons again by a various  convaynce deeds.

 so  querry is this as  affected-reserved land is relinquished in both cases , whether   alienation of rights favoring MR.LMN by Mr.ABC by fisrt deed of conyance  is sateg I, with Mr.LMN ( facilitator / buider) relinquishing that land  by Mr.LMN to municipal authority   for geneartion of TDR again by conveyance deed called as stage II,  f

 query is this  in case A-1, whether relinquishing right -POA by MR.ABC favoring MR.LMN  is business income or  STCG or LTCG  for Mr.ABC ; and second part of query is in case of MR.LMN , further loading for himself and resaling TDR  to Mr.XYZ, Mr.PQR of that TDR/ part of TDR is it a  Business income or STCG ( being done within few months........ a year)

 and in case B-2 though  affected -reserved land  is relinquished by MR.ABC favoring Municipal  authotity and TDR certificate is also favoring  Mr.ABC ( original owner) then its further sale / loading by MR.ABC to MR.LMN , Mr.PQR. Mr XYZ at different dates ..AY for couple of years .

query is this those  multiple transactions   of sale of TDR - fungible FSI ( which can be sold / conveyed / loaded -technically ...in parts also) is a business income -STCG or LTCG ( as land belonged to him for more than 3 years)