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.