Longterm land short term building
This query is : Resolved
Gnanashekar.R
(Querist)
02 May 2015
if land is long term and building is short term how to calculate capital gain
can we consider both together as long term capital gain
Nikhil Kaushik
(Expert)
02 May 2015
you will have to apportion costs and sales price between the land and building on the basis of information available and offer consequent gains on long term and short term capital gains respectively.
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03 May 2015
Cannot consider both as LTCG. Inference is from the Kerala High Court decision in the case of
CIT v Smt. Lakshmi B. Menon & Anr. (2003) 264 ITR 76.
CIT v Smt. Lakshmi B. Menon & Anr. (2003) 264 ITR 76.
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