https://www.taxtmi.com/circulars?id=9144 Where land appurtenant to a building cannot be severed and forms an integral part of the building, the land becomes part of the building and the construction brings into existence a distinct asset - house property/building (building and land appurtenant thereto) - on completion. The character of gains on sale of that composite asset is governed by the period for which the composite asset is held; sale within the prescribed short-holding period results in short-term capital gains. en-us Wed, 04 Jan 1978 00:00:00 +0530 Thu, 02 Jun 2011 16:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9144 Where land appurtenant to a building cannot be severed and forms an integral part of the building, the land becomes part of the building and the construction brings into existence a distinct asset - house property/building (building and land appurtenant thereto) - on completion. The character of gains on sale of that composite asset is governed by the period for which the composite asset is held; sale within the prescribed short-holding period results in short-term capital gains. Circulars Income Tax Wed, 04 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9144