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Capital gain

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(Querist)
04 May 2013 whether Property given to a person on long term lease basis would be considered transfer for the purpose of Capital Gain Tax?
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MAHENDRA KUMAR BAGRECHA

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MAHENDRA KUMAR BAGRECHA (Expert)
05 May 2013 As per my view- No

Reason is: Lessee cann't modify the property,
He/ she cann't sale it

There is court judgement which says that sale proceeds of residential house invested in lease property for long term basis is not eligible for deduction prescribed u/s 54.

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