16 January 2016
Owner A entired into an agreement with B for development of his land. Is A entitled to capital gain tax this year (like 2011-2012) or there is some relaxation till finalisation of the development agreement (like 2014-2015). In this connection all taxes, electricity bill are paid by A.will capital gains arrive in that event . please advise case reference in any citing court verdict - ?
26 January 2016
As per section 2(47)(v) of the Income Tax Act, 1961 it amounts to transfer and compute the capital gains whether ST / LT according to section 50D of the IT Act, 1961.
CAclubindia
