Internal family arrangement not relevant for Capital Gain computation

Dr. E.S. Krishnamoorthy Vs ITO (ITAT Chennai) The facts with regard to ownership of property by three co-owners and their respective share in right and interest in the property is not in dispute. As admitted by the assessee himself, he owned 42.5% share in the property. The land owners have received two flats measuring 4092 sq.ft. each plus 2.25 Crs. non-refundable deposit from the developer in lieu of 50% UDS sold to the developer. From the above, what is clear is that three co-owners have specified share in the property and as a natural corollary, full value of consideration received as a re...