TMI BlogAmendment of section 45.X X X X Extracts X X X X X X X X Extracts X X X X ..... the capital gain arises to an assessee, being an individual or a Hindu undivided family, from the transfer of a capital asset, being land or building or both, under a specified agreement, the capital gains shall be chargeable to income-tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority; and for the pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d or accruing as a result of such transfer. Explanation.-For the purposes of this sub-section, the expression- (i) competent authority means the authority empowered to approve the building plan by or under any law for the time being in force; (ii) specified agreement means a registered agreement in which a person owning land or building or both, agrees to allow another person to devel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that where the Capital gains arises to an assessee being an individual or Hindu undivided family, from the transfer of a Capital asset, being land or building or both, under a specified agreement, the capital gains shall be chargeable to income-tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the full value of consideration received or accruing as a result of such transfer. It is also proposed to define the expressions competent authority , specified agreement and stamp duty value . This amendment will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-2019 and subsequent years. - statute, statutory provisions legislation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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