Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2013 Mrs A has a independendant house(bought in 1978) which she entered into development agreement in 2007 for which she got 5 flats out of 10 built but no monetary consideration in 2009 as per agreed by the builder but in the same year she gifted 3 flats to her sons.
now deemed capital gains is exempted under sec 54 of CIT Vs Gita Duggal(2013) but is the exemption cancelled when she gits the hoouse within 3 yrs and does it fall under the definition transfer 2(47) of the act(Develoment agreement contains the name of her 3 sons). Please Help

sudarshan

sudarshan (Expert)
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09 June 2013 1.if building(old) was demolished by builder and consideration fixed for land portion only, then it is trf of land and 54F is applicable and not section 54.