Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2005 (9) TMI 69 - GUJARAT HIGH COURT
Sale of flat – capital gain – deduction - "Whether, Tribunal was right in law in holding that the capital gains arising out of the sale of the flat in Venus Apartments was long-term capital gains and thereby the assessee was entitled to deduction from such gains as per law?" - it is apparent that the assessee in the present case was allotted a share by the co-operative housing society on November 4, 1980, and the sale of the same took place on April 30, 1984, i.e., after a period of 36 months. The assessee was therefore justified in treating the surplus consideration as long-term capital gains. The Tribunal was therefore justified in holding that the capital gains so arising were long-term capital gains and the assessee was entitled to deduction from such gains as per law.