TaxTMI 
TaxTMI 
Conversion of leasehold land to freehold
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....onversion of leasehold land to freehold<br> Query (Issue) Started By: - Sanjiv Chatterjee Dated:- 19-5-2011 Last Reply Date:- 20-5-2011 Income Tax<br>Got 1 Reply<br>Income Tax<br>A family held a pece ....
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....of land on leasehold basis for the last 90 years and also constructed 2 houses on it & used it for residential purposes. It plans to convert the land to freehold and sell it immediately. Query is: 1....
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..... Will this be sale of a long term asset or short term? 2. Will the conversion fees tantamount to cost of improvement? 3. How is the leasehold land to be valued? Reply By GOPALJI AGRAWAL: The Reply....
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....: Before replying your query, it would be advisable to through the lease deed first. Generally, the freehold charges would be capitalised. The long /short term status would be ascetained from the dat....
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....e of vesting of interest in the property.<br> Discussion Forum - Knowledge Sharing ....