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2008 (12) TMI 367 - HC - Income TaxCapital gain- whether the assets sold by assessee, viz., the hospital building and land on April 18, 2001 is a short-term capital gain or a long-term capital gain as claimed by him. The assessee was a partner in a firm which owned a hospital building and land. The firm was dissolved on and in the dissolution deed the entire assets including the hospital building and land were taken over by the assessee. According to the assessee the period of holding should be reckoned by including the period when assessee was partner of the firm and the period being more than 36 month the capital gain was to be dealt with as long term capital gain. The Tribunal held against the assessee. Held that- individual partner having no independent right over the property of the firm. Since the assessee sold the property within 3 days of acquiring the property the gain will be treated as short term capital gain.
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