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No Capital Gains Without Transfer Under Development Agreement: ITAT Pune
Case Law Details
- Case Name
- Kondibai Kacharya Navadekar Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
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Kondibai Kacharya Navadekar Vs ITO (ITAT Pune)
The Pune ITAT allowed the assessee’s appeal after holding that no transfer of the land took place during AY 2012-13 under Sections 2(47)(v) or 2(47)(vi) of the Income-tax Act. The Tribunal found that under the development agreement dated 12.07.2011, the assessee did not receive any consideration during the relevant year, retained rights in the land, and was entitled to receive 50% of the constructed area only after completion of construction, which occurred in 2015. It observed that the developer had not taken possession of the ...
Author Info
Sir, I have a old flat (apartment) of 600 sq.ft with a UDS of 300 sq.ft. All the existing owners of the apartments have given it to a builder/promoter for redeveopment. The promoter builds two extra apartments in addition to the existing no. of flats. I have opted for higher built up area of 1200 sq.ft with the additional UDS of 300 sq.ft. (Total UDS of the new flat is 600 sq.ft. (300 sft existing plus 300 s.ft additional) by payment of extra money. Please clarify whether any capital gains will attract in my above. case. Thanks in advance for replying.