Amendment of section 45.

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..... n (1), where 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; an .....

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..... ration received 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 dev .....

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