Sale of TDR bonds

Land acquired by Municipal Corporation for the purpose of Road widening from me and issued TDR bond. Now I am selling TDR bond to somebody. Is this taxable to capital gain or exempt. Please suggest.

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Quick Summary
This discussion addresses the taxability of selling TDR (Transfer of Development Rights) bonds. These bonds were issued to an individual whose land was acquired by a Municipal Corporation for road widening. The core question is whether the proceeds from selling these TDR bonds are subject to capital gains tax or if they are exempt.

TAXABLE ...           

Sale of TDR are taxable under the head Capital gain

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