income tax exam

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Aravind.. (Querist)
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13 May 2010 land was purchased in year-1
building was constructed in year-2
house was sold on year-4
valuation authority made separate valuation for building and land.
how to calculate capital gains?
does sale of building lead to short term capital gain as the officer valued it separately?
or construction of building is to be taken as cost of improvement?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 May 2010 In the given situation, land and building will be treated as separate capital assets and will be assessed to capital gains tax according to the holding period of each asset.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 May 2010 Case law in support of my answer is given below for your information.

CIT Vs Dr. D.L. Ramachandra Rao (1999) 236 ITR 51(Mad).

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