Under Section 2(47) of the Income Tax Act, under any agreement of transfer of immovable property, if possession of the property is delivered to the intending transferee, then for the purpose of Section 45 of the Income Tax Act, it amounts to transfer and gives rise to capital gain.
Therefore, under any sale agreement or joint development agreement of immovable property, if possession is delivered to the purchaser or the developer, it gives rise to capital gain.
Income Tax (Gift)
Under Section -56 (2) (vii) of the Income Tax Act, after 1.10.2009 if any individual or HUF receives any money above Rs.50,000/- or Immovable Property Valued above Rs.50,000/- from a non-relative, the same shall be liable for income tax under the head income from other sources. Provided the same shall be exempted if the money or the property is received from
a) from Any relative; or
b) on the occasion of the marriage of the individual; or
c) under a will or by way of inheritance; or
d) in contemplation of death of the payer or donor, as the case may be; or
e) from any local authority as defined in the Explanation to clause (20) of section 10; or
f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause 23(C) of section 10; or
g) from any trust or institution registered under section 12AA.