2000 (11) TMI 78

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..... ue of the land" and "super structure" can be split up and assessed separately as "long-term capital asset" and "short-term capital asset", respectively, for assessing the capital gains tax. The land was purchased in the year 1968 by the wife of the assessee at a cost of Rs. 16,065 for which funds were provided by the assessee's husband. The building was put up in the year 1972 at a cost of Rs. 7 .....

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..... stant Commissioner followed the order passed in the protective assessment of the assessee's wife, in which 46 per cent. of the aggregate of cost of land and cost of construction, was treated as long-term capital gain from the sale of land, of the rest as short-term capital gain from the sale of the building. He directed the assessee to pay a sum of Rs. 12,400 as long-term capital gain for land and .....

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..... rm capital gains in the assessee's case ? Learned counsel for the applicant fairly concedes that a similar question came for the consideration of this court in the case of CIT v. Dr. D. L. Ramachandra Rao [1999] 236 ITR 51, wherein this court has held that the definition of capital asset includes property of any kind and land held by the assessee is a capital asset and a building held by the ass .....

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