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Capital Gains

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(Querist)
21 January 2011 can someone pls suggest me case laws on long term capital gains from immovable premises being treated as short term capital gains
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 January 2011 Where the land is a long-term capital asset and the building thereon is a short-term capital asset, and both are sold together for a consolidated consideration, the gains must be bifurcated into long-term (pertaining to land) and short-term (pertaining to building) and brought to tax, since the land is an independent and identifiable capital asset, and it continues to remain so even after the construction of building - CIT v. Dr. D.L. Ramachandra Rao [1999] 236 ITR 51 (Mad).
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