SEc. 45(5A) of Income Tax Act

1. Section 45 (5 A) of Income tax Act 1961 would not apply where the assessee transfers his share in the project on or before the date of issue of the said certificate of completion. Issues : 1.Meaning of share in the project -Is it interest in the project or -Is it his share being land or building or -both in the project - Since Former would not require any specific identification whereas the latter requires the completion of building as well as specific identification 2.Does the proviso apply only when the share in the project is fully transferred or…

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