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2003 (4) TMI 38 - HC - Income TaxCapital gains tax – levy of - sale of land and building - "Whether, Tribunal is right in law in holding that the capital gains arising from the sale of land and building should be determined separately?" - hold that the land has to be assessed as a long-term capital asset and the building has to be assessed as a short-term capital asset for the purpose of levy of capital gains tax - Held that the fact that the income from the residential property is being assessed as income from house property cannot be a ground for denying the benefit available under section 80T and section 54E - We accordingly answer the question referred in the affirmative, i.e., in favour of the assessees
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