TAXABILITY UNDER THE HEAD CAPITAL GAIN ON CONVERSION OF RIGHTS OF LESSEE IN PROPERTY FROM LEASEHOLD RIGHT INTO FREEHOLD.

Apurva MaheswariLeave a Comment on TAXABILITY UNDER THE HEAD CAPITAL GAIN ON CONVERSION OF RIGHTS OF LESSEE IN PROPERTY FROM LEASEHOLD RIGHT INTO FREEHOLD.

A person holding a leasehold property and later on it got converted into freehold property. At times a person may have tenancy right over a flat and later on becomes the owner of the same
flat.
The question arises when the said property is sold within 3 years after the conversion of property into freehold or after the conversion of tenancy right into ownership.

ADDITIONS U/S 68 OF THE ACT PARTNERS’ CONTRIBUTIONS OF CAPITAL FOR BUSINESS OF FIRM-FIRM CANNOT BE CALLED UPON TO EXPLAIN SOURCE OF INCOME OF PARTNERS.

Apurva MaheswariLeave a Comment on ADDITIONS U/S 68 OF THE ACT PARTNERS’ CONTRIBUTIONS OF CAPITAL FOR BUSINESS OF FIRM-FIRM CANNOT BE CALLED UPON TO EXPLAIN SOURCE OF INCOME OF PARTNERS.

[2015] 370 ITR 212(T & AP) [IN THE TELANGANA AND ANDHRA PRADESH HIGH COURT] COMMISSIONER OF INCOME-TAX v. M. VENKATESWARA […]