https://www.taxtmi.com/caselaws?id=412632 Where property is transferred by persons holding distinct interests, the sale consideration must be apportioned by reference to those interests, so the amount attributable to the life-interest holder is excluded from the remainder owners' capital gains computation. The property was also acquired through a mode covered by section 49(1), so the previous owner's holding period counted under section 2(42A), preserving long-term capital asset status. On that basis, indexation was available from the previous owner's acquisition date and the assessees could claim deductions under sections 54 and 54EC, subject to verification of the claim particulars. en-us Fri, 17 Sep 2021 00:00:00 +0530 Thu, 23 Sep 2021 07:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412632 Where property is transferred by persons holding distinct interests, the sale consideration must be apportioned by reference to those interests, so the amount attributable to the life-interest holder is excluded from the remainder owners' capital gains computation. The property was also acquired through a mode covered by section 49(1), so the previous owner's holding period counted under section 2(42A), preserving long-term capital asset status. On that basis, indexation was available from the previous owner's acquisition date and the assessees could claim deductions under sections 54 and 54EC, subject to verification of the claim particulars. Case-Laws Income Tax Fri, 17 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412632