catchwords: Transfer of Property Act
When Transfer Is Complete U/s. 2(47)?
In this case transfer is not complete, because of property has not been given and therefore there is no question of investing in another house to claim exemption under section 54.
Whether Capital Gain Exemption Can Be Claimed In Exchange Of Property?
n case of development of property the capital gain arises as per terms of the agreement. Generally, the agreement provides that the developer has right to enter and construct on the land of owner and owner parts with land only on receipt of certain portion of building to be constructed. Till then possession of land is not parted with. In such case, the amount received is to be treated as advance.