No Transfer Under Section 2(47) for Immovable Property Contract Without Consideration

Smt. Shantha Vidyasagar Annam Vs ITO (Telangana High Court) In the recent ruling HC of Telangana have held that assessee is eligible to claim capital gain after observing that the possession of the immovable property has not been handed over to the developer as contemplated u/s 53A of the Transfer of the Property Act, 1882. Assessee is NRI who filed return at nil in response to notice u/s 148. Assessee stated that she had entered into a development agreement with a builder for construction of residential flats on sharing basis. As possession of the land was handed over to the builder only for ...