Case Law Details
Case Name : Smita Conductors Ltd Vs DCIT (ITAT Mumbai)
Related Assessment Year : 2006- 07
Courts :
All ITAT ITAT Mumbai
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It was held that for the purpose of computation of capital gain on transfer of flat on which depreciation has been claimed and which has been held for more than 3 Years has to be treated as short term capital gain u/s 50 of the IT Act, but for the purpose of applicability of tax rate it has to be treated as long term capital gain if held for more than three years.
We first take up the dispute relating to computation of capital gain u/s 50 r.w.s 50C of the Income Tax Act and the application of tax rate as raised in the additional ground. The assessee during the relevant year had sold a flat...
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Plz clarify..
If computation of cg u/s 50 is for the purpose of sec 48 and 49 den what wil be the use of dat calculation, if rates is applied cnsidering d holding period???