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2013 (12) TMI 1359 - ITAT CHENNAIComputation of Long term and short term capital gain (LTCG / STCG) - development of the property and to convert the house into apartments - Quantum of assessment u/s 147 of the act – Held that:- Sale consideration received towards the land should be assessed as long-term capital gain and the profits arising out of the superstructure is to be assessed as short-term capital gain - the assessee is entitled to the benefit of exemption provided under sections 54 and 54F of the Act - The authorised representative has given detailed computation of long-term and short-term capital gain arising out of sale of land and built-up area falling in the share of the assessee - the assessee has conceded the short-term capital gain arising from sale of built-up area - As per the computation, the assessee has earned the long-term capital gain from the sale of land to the developer as Rs. 1,41,33,400 and the long-term capital gain arising out of sale of share of undivided land at the time of sale of built-up area was Rs. 1,14,81,000 - The assessee has invested a sum of Rs.1,60,00,000 in capital gains bonds and Rs. 1,15,00,000 in capital gains scheme totalling Rs. 2,75,00,000 and has claimed deduction under sections 54 and 54F of the Act – Decided against Revenue.
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