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2016 (8) TMI 1560 - ITAT BANGALORECapital gain - FMV determination - JDA - value of the sale consideration of the land as on the date of Joint Development Agreement (‘JDA’) - whether transfer of the land under JDA constitutes transfer as per the provisions of Section 2(47)(v) r.ws. 53A of the Transfer of Property Act? - CIT-A held that the deemed consideration of the land should be adopted as fair market value of the built up area to be received by the assessee as on the date of JDA and based on the Govt. records - HELD THAT:- Identical issue decided in SMT. SAROJINI M KUSHE [2016 (4) TMI 1326 - ITAT BANGALORE] as decided that because at the time of signing JDA the capital gain has to be computed only on the guidance value of the land. Even otherwise, if any capital gains to be accrued in future in favour of assessee after receiving the possession of the property. Certainly that would also be subject to capital gains. Therefore, in our final conclusion valuation of the capital gain should be appropriate to adopt the FMV/asset as deemed consideration, but not cost of the construction. - Decided against revenue.
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