https://www.taxtmi.com/caselaws?id=70473 The Appellate Tribunal upheld the invocation of section 64 of the Income Tax Act, 1961, in a case concerning the classification of capital gains on the sale of a house property. The Tribunal directed the assessment to follow the pattern of treating the land as long-term capital gains and the building as short-term capital gains based on the contributions of the assessee-husband and his wife. It also determined that the land and building could be treated as separate assets, upholding the classification of the land as long-term and the building as short-term capital gains. The Tribunal dismissed the departmental appeal and allowed the cross-objection in part regarding the apportionment of capital gains. en-us Fri, 16 Apr 1982 00:00:00 +0530 Sat, 16 Apr 2011 13:20:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70473 The Appellate Tribunal upheld the invocation of section 64 of the Income Tax Act, 1961, in a case concerning the classification of capital gains on the sale of a house property. The Tribunal directed the assessment to follow the pattern of treating the land as long-term capital gains and the building as short-term capital gains based on the contributions of the assessee-husband and his wife. It also determined that the land and building could be treated as separate assets, upholding the classification of the land as long-term and the building as short-term capital gains. The Tribunal dismissed the departmental appeal and allowed the cross-objection in part regarding the apportionment of capital gains. Case-Laws Income Tax Fri, 16 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70473