Mere license for development of property will not attract capital gain tax liability : HC

Brief of the Case Punjab & Haryana High Court held In the case of Bikramjit Singh Gill vs. CIT that no possession had been given by the transferor to the transferee of the entire land in part performance of Joint development Agreement (JDA) dated 25.2.2007. The possession delivered, if at all, was as a licencee for the development of the property and not in the capacity of a transferee. Facts of the Case The appellant, an individual is a member of M/s Defence Services Cooperative House Building Society Limited Mohali consisting of various members. The society is owner of 27.3 acres of land...