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2012 (7) TMI 334 - AT - Income TaxCapital gain from sale of flats - short term or long term - computation of period of holding - The right to acquire the flats and ownership of the flats - held that:- The assessee had earlier right to acquire flats which no longer subsisted after flats were acquired by the assessee. The assessee had sold the flats and not its rights to acquire the flat and, therefore, the capital gain in the present case has to be computed in respect of assets being flats. The assessee along with flats had also sold right of the assessee in the land which was an independent asset and which was being held by the assessee since 1962 as an owner. Therefore, following the judgment of Hon'ble High Court of Bombay (2010 (10) TMI 16 (HC)), the capital gain in respect of transfer of right of assessee in the land has to be computed separately as long term capital gains and gain in respect of sale of super structure has to be treated as short term capital gain. - Decided partly in favor of revenue.
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