Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
15 April 2014
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 16 April 2014
Friends,
Any responses.
Regards,
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 16 April 2014
Dear Dipjyoti
on the basis of judicial decision:
For Land: the sale consideration for land is taxable as LTCG an for
For Building: sale consideratin is taxable as STCG (if 36 month not passed after completion of construction) else LTCG.
related case laws:
A. CIT v Lakshmi B. Menon (2003) 264 ITR 7 (Ker.),
NOTE: the onus is on assessee to prove value pertaining to land and building.
CAclubindia
