https://www.taxtmi.com/caselaws?id=796588 For capital-gains computation, the substance of an integrated land-sale transaction prevails over its description as a vacant-land conveyance. Where demolition of an existing building is integral to delivering vacant possession, its indexed cost or fair market value may be treated as cost of improvement, subject to verification, and the resulting loss may be set off according to law. Stamp duty under a family settlement deed is deductible only to the extent attributable to the transferred property and the taxpayer's share, subject to verification. Section 54 relief is unavailable because vacant land, not a residential house, was transferred. Post-amendment Section 54F relief is limited to one qualifying residential unit, subject to verification of ownership conditions. en-us Fri, 17 Jul 2026 00:00:00 +0530 Fri, 07 Aug 2026 09:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796588 For capital-gains computation, the substance of an integrated land-sale transaction prevails over its description as a vacant-land conveyance. Where demolition of an existing building is integral to delivering vacant possession, its indexed cost or fair market value may be treated as cost of improvement, subject to verification, and the resulting loss may be set off according to law. Stamp duty under a family settlement deed is deductible only to the extent attributable to the transferred property and the taxpayer's share, subject to verification. Section 54 relief is unavailable because vacant land, not a residential house, was transferred. Post-amendment Section 54F relief is limited to one qualifying residential unit, subject to verification of ownership conditions. Case-Laws Income Tax Fri, 17 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796588