property act

Typically in real estate transactions, the land holder contributes the land, the developer constructs the building and sells the flats along with the proportionate rights in respect to the land. As a result, each owner becomes the owner of an apartment with corresponding undivided share in the land arid an undivided share in the common areas. The usual feature of such agreements is that the land holder will have no say or control in the development. Full Article

Allowability of exemption under section 54EC of IT Act, 1961 When there is no bar to take possession by an agreement and transfer can be treated to have taken place on the basis of an agreement and advance payments deposited in specified bonds as required under section 54EC, simply because the sale deed was executed later on, the assessee cannot be charged with default of violation of the provision of section 54EC. Full Article

SUMMARY OF CASE LAW Any transaction involving allowing of possession to be taken over or retained in part performance as referred to in section 53A of Transfer of Property Act would come within the ambit of section 2(47)(v). CASE LAW DETAILS Decided by: ITAT, CHENNAI BENCH `B’ In The case of: R. Kalanidhi v. ITO [...] Full Article