Case Law Details
Case Name : Rajat B Mehta Vs. ITO (ITAT Ahmedabad)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Ahmedabad
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Rajat B Mehta Vs. ITO (ITAT Ahmedabad)
Quite clearly, for the detailed reasons set out earlier in this order, the two separate agreements for sale of house property and the furniture and fixtures cannot be considered in isolation of each other on standalone basis, and have to considered essentially as a composite contract- particularly in the light of the undisputed contents of the agreement to sell dated 19th January 2011. Given these facts, the cost of the new asset has to be treated as Rs 78,00,
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Can a seller in a similar situation consider the total sale consideration (including fixtures) of Rs.7800000/- as the total sale consideration for CG calculation and pay CG tax, if he/she wants? Or is this calculation only for the buyer to avail sec 54 benefit?