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Lessee's switch from leasehold to freehold is an improvement, not a change; gains classified as Long Term Capital Gains.

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....Long Term Capital Gains (LTCG) or Short Term Capital Gains (STCG) - The conversion of the rights of the lessee in the property from having lease hold right into free hold is only by way of improvement of her rights over the property - property remains as long term - HC....

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