Addition under the head ‘income from capital gains’ - when the ...

Income from Land Gift Deed Not Classified as Capital Gains; Section 45(2) Inapplicable for Long-Term Gains Calculation.

December 26, 2022

Case Laws Income Tax AT

Addition under the head ‘income from capital gains’ - when the assessee has relinquished her right in the land earmarked for common utility purpose in terms of regulatory requirements and also executed Gift Deed in favour of the Commissioner, Virudhachalam, without any consideration, then, the question of computing long term capital gains on such land and also business profit in terms of Sec.45(2) of the Act, does not arise. - AT

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Addition under the head ‘income from capital gains’ - when the ...

Income from Land Gift Deed Not Classified as Capital Gains; Section 45(2) Inapplicable for Long-Term Gains Calculation.

December 26, 2022

Case Laws Income Tax AT

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