Capital Gains
This query is : Resolved
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
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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