https://www.taxtmi.com/news?id=875 The surrender or extinguishment of a tenancy or lease right is a transfer of a capital asset because extinguishment is included in the definition of "transfer." When the assessee has not incurred an ascertainable cost to acquire the leasehold interest so that the statutory computation of capital gains cannot be applied, the receipt cannot be recharacterised and taxed under the residuary or casual income head; amounts outside the chargeability of capital gains are not taxable under an alternative head. en-us Sun, 07 Jun 2009 21:52:31 +0530 Sun, 07 Jun 2009 21:52:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=875 The surrender or extinguishment of a tenancy or lease right is a transfer of a capital asset because extinguishment is included in the definition of "transfer." When the assessee has not incurred an ascertainable cost to acquire the leasehold interest so that the statutory computation of capital gains cannot be applied, the receipt cannot be recharacterised and taxed under the residuary or casual income head; amounts outside the chargeability of capital gains are not taxable under an alternative head. News - Sun, 07 Jun 2009 21:52:31 +0530 https://www.taxtmi.com/news?id=875