Capital gain tax

As per section 45(1) 

Any Profit and gains arising from transfer of a capital asset effected in the previous year shall be chargable to tax  under the head capital gains in the previous year in which transfer took place. Without taking view that consideration is received in installment. Hence as per your query the amount will be taxable in the year in which property get transferred.

Manish Thank you for your reply. Whether capital gain arises on signing the agreement or on transferring the posession of land to builder. And cosideration is calculated on market value of land or on the cost of construction met by builder on the land owners share [ITO V. Sri N.S.Nagaraj (ITA No.676/Bang/2011 - Ay 2007-08)]

if  possession of property is transfered before  agreement is done then date of transfered will be the date on which possession has been transfered. 

As per section 50D:-  Where the consideration received or accruing as a result of the transfer of a capital asset by an assessee is not ascertaibale or cannot be deteremined, then for the purpose of computing income chargable to tax as capital gain, the fair market value of the said asset on the date of transfer shall be deemend to be the full value of consideration received or accruing as a result of such transfer.

But in the case law which I mentioned before, they taken consideration from cost of construction met by builder in Land owners Share. Also If we transfer the posession of land on completion of building and ready to sale, then capital gain will arise on that day only know.