We hv taken land at Ahmedabad from GIDC on lease in 1974 & construct factory shed on it .We hv sold the same in the year 2005-2006 .As per sales agmt.we hv sold land for Rs.5.00 Lacs & bldg.for rs.40.00 Lacs
On Factory shed we hv taken dep.up to 31.03.1999 .As per Income tax computation we hv shown land as Long term cap.gain & Bldg.we hv computed gain as per sec.50
ITO hs passed order by considering Land & Bldg.as per sec.50
Kindly advise whether ITO is right
CAclubindia
