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.
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.
CAclubindia
