https://www.taxtmi.com/caselaws?id=60784 Consideration received on sale of upper floors with the proportionate undivided share in land can be apportioned between land and superstructure where the agreements cover both interests and the valuation supports separate attribution. The assessee had retained part of the land interest under the development arrangement, and the materials showed that the sale price was reasonably bifurcable. Applying the principle that land and building may be valued and taxed according to their respective holding periods, the land component was treated as long-term capital gain and the building component as short-term capital gain. The depreciation-based objection was rejected. en-us Wed, 31 Jan 2007 00:00:00 +0530 Sat, 08 Jan 2011 10:31:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60784 Consideration received on sale of upper floors with the proportionate undivided share in land can be apportioned between land and superstructure where the agreements cover both interests and the valuation supports separate attribution. The assessee had retained part of the land interest under the development arrangement, and the materials showed that the sale price was reasonably bifurcable. Applying the principle that land and building may be valued and taxed according to their respective holding periods, the land component was treated as long-term capital gain and the building component as short-term capital gain. The depreciation-based objection was rejected. Case-Laws Income Tax Wed, 31 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60784