Calculation of LTCG and STCG under the Income Tax Act


Quick Summary
This Income Tax Appellate Tribunal case concerns the calculation of long-term capital gains (LTCG) arising from the sale of a co-owned property. The assessee reported an income of Rs. 3,67,230, including an LTCG of Rs. 1,84,977 from a property sale on 28th November 2011. Although the Assessing Officer identified this gain, the assessee's subsequent appeal to the CIT(A) was dismissed. Ultimately, the Tribunal allowed the assessee's appeal for statistical purposes.

Court :
ITAT Ahmedabad

Brief :
This assessee’s appeal for A.Y. 2012-13, arises from order of the CIT(A)-10, Ahmedabad dated 03-03-2017, in proceedings under section 143(3) of the Income Tax Act, 1961; in short “the Act”.

Citation :
ITA No. 1316/Ahd/2017

IN THE INCOME TAX APPELLATE TRIBUNAL
AHMEDABAD “B” BENCH
(Conducted Through Virtual Court)
Before: Shri Rajpal Yadav, Vice President
And Shri Amarjit Singh, Accountant Member

ITA No. 1316/Ahd/2017
Assessment Year 2012-13

Ishwarbhai V. Desai,
5A, 2nd Floor Jaltarang
Co. Op. Housing Soc.
Opp Shankar Bhuvan
Shahpur, Ahmedabad
PAN: AKMPD7386E
(Appellant)

Vs

The ITO,
Ward-1(2)(2),
Ahmedabad
(Respondent)

Revenue by: Shri R.R. Makwana, Sr. D.R.
Assessee by: Shri S.N. Divatia, A.R.
Date of hearing : 17-08-2021
Date of pronouncement : 24-08-2021

ORDER

The fact in brief is that return of income declaring income of Rs. 3,67,230/- was filed on 27th March, 2012. The case was subject to scrutiny assessment and notice u/s. 143(2) of the act was issued on 4th Sep, 2014. During the course of assessment, the Assessing Officer noticed that assessee has earned long term capital gain of Rs. 1,84,977/- from the sale of coowned property for Rs. 62,66,000/- on 28th Nov, 2011.

2. The fact in brief is that return of income declaring income of Rs. 3,67,230/- was filed on 27th March, 2012. The case was subject to scrutiny assessment and notice u/s. 143(2) of the act was issued on 4th Sep, 2014. During the course of assessment, the Assessing Officer noticed that assessee has earned long term capital gain of Rs. 1,84,977/- from the sale of coowned property for Rs. 62,66,000/- on 28th Nov, 2011.

3. Aggrieved assessee has filed appeal before the ld. CIT(A). The ld. CIT(A) has dismissed the appeal of the assessee.

4. In the result, the appeal of the assessee is allowed for statistical purposes.
Order pronounced in the open court on 24-08-2021

Please find attached the enclosed file for the full judgement
 

FAQ :

The main issue was the calculation of long-term capital gains (LTCG) on the sale of a co-owned property by the assessee.

The property was sold on 28th November 2011, and the assessee reported a long-term capital gain of Rs. 1,84,977.

The assessee filed a return of income declaring a total income of Rs. 3,67,230.

The assessee's appeal to the Commissioner of Income Tax (Appeals) was dismissed.

The Income Tax Appellate Tribunal allowed the assessee's appeal for statistical purposes.

 
Attached File : 1442821_4289_25.pdf
downloaded 245 times



Judgement posted by

Practice

I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

Comments




CCI Pro



Company
02 November 2026
Audit Executive

SRJP & Co LLP

Kochi

CA Inter

View Details
Company
ARTICLESHIP 29 October 2026
Article Assistant (CA Inter / CMA Inter) - Thrissur

Varma Raja & Associates

Thrissur

CA Inter

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
ARTICLESHIP 25 October 2026
Article Intern (CA Articleship)

Arpan Bohra & Co

Hyderabad

CA Inter

View Details
Company
Featured 27 October 2026
semi-qualified CA

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Final

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details
Company
ARTICLESHIP 28 October 2026
Article assistants

Shyam S Gupta and Company

New Delhi

CA Inter

View Details