SECTION 50C, Income Tax

[RAVI SONI]

An individual Mr. X is a owner of land and 3 years ago he has entered into a joint development agreement with developer which is a Private Limited Company. The developer had agreed to construct a residential complex and it will transfer certain no. of flats to Mr. X in consideration of the land. On final completion of project developer transferred 40 flats to Mr. X and all the flats were sold by Mr. X.

In this regard I want to know since Mr. X transferred a vacant land to developer therefore Section 50C will be applicable to on account of land or else on flats.