[aaykarbhavan] Sec. 54 relief allowed on sale of house held for less than 3 yrs if it was developed on land, being long-term asset

Sec. 54 relief allowed on sale of house held for less than 3 yrs if it was developed on land, being long-term asset

March 25, 2015[2015] 55 taxmann.com 282 (Karnataka)

IT: Where assessee constructed three storied building on land, in view of fact that building as such was held by assessee for a period of less than 36 months prior to date of transfer whereas land was a long-term capital asset, assessee was entitled to claim benefit of section 54 in respect of both land and building

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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