Section 50C of Income Tax Act Not Applicable to Lease Rights in Capital Gains Computation for 99-Year Lease Transfer.

Capital gain computation - assignment of lease rights in the shop - As sec. 50C applies only to a capital asset, being land or building or both, it cannot be made applicable to lease rights in a land. As the assessee has transferred leasehold right for 99 years in the shop and not land itself, the provisions of sec. 50C of the Act cannot be invoked. .....

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