[aaykarbhavan] Signing of development agreement couldn’t trigger capital gains tax unless developer discharged his obligations

Signing of development agreement couldn't trigger capital gains tax unless developer discharged his obligations

May 27, 2014[2014] 45 taxmann.com 115 (Hyderabad - Trib.)

IT : Where assessee entered into a development agreement of land with a developer in terms of which developer had to develop property according to approved plan and deliver a part of constructed area to assessee, in view of fact that developer had not done anything to discharge obligations cast on it, capital gains could not be brought to tax in year under appeal merely on basis of signing of development agreement

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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