As part of the joint development contract, the landowner offers the developer a development right for the development of land. The landowner gives the developer a general mandate to obtain the necessary approvals from various public authorities necessary for construction. The fact that the owners` legal ownership continued to be transferred to the developer at a later date does not in fact affect the applicability of Section 2 (47)) v), in accordance with the above reasons. The purchaser was unquestionably willing to fulfill his part of the contract. In these circumstances, we must bear the existence of a transfer u/s 2 (47) (v) of the law. Therefore, ownership and control of the property are already entrusted to the purchaser and the disputed development contract has not been properly terminated and is still in operation, it must be decided that there is transfer u/s 2 (47) (v) of the law. We need to see the real intent of the parties. According to the well-known canon of the construction of the document, the intention in general on the obvious and ordinary meaning of the words used and that such a construction is put on the word in an act, as the most pleasant for the intention of the parties. C. Cases of conversion of land held by the landowner as capital in stock-in-trade before entering jDA: In short, the advantage of the above-mentioned CBDT flyers as well as the compliance of ITAT can be used to claim the capital exemption from the date of the “year-end certificate”. A person who takes a more conservative approach to taxation must take into account the transfer date u/s 2 (47) as the date of exemption from capital income u/s 54.54F, 54CE, etc. However, the applicability of the above views cannot be undone in applicable cases.
Section 54F of the Income-tax Act, 1961 – Capital Gains – Exemption from, in the case of investment in a dwelling house (“A dwelling house” position before 1-4-2015) – – Phrase “a residential house” in section 54F includes more than one apartment/apartment as long as all apartments are located in the same place/address. If, as a product of a development contract, several dwellings were built on the same land, even though they were in different blocks and towers, as long as they were at the same address/address, the appraiser came into play with the application for deduction under Section 54F.