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The Kerala High Court in CIT v. Smt. Lakshami B Menon (2003) 264ITR76 held that land and building would be separately assessable to capital gains tax on the basis of their respective holding period. In other words, the assessee can bifurcate the consolidated price among land and building for capital gains computation. The Calcutta, Karnataka, Bombay, Rajasthan, and Madras High Court have also held an identical view.


Such bifurcations enable a taxpayer to take benefit of s. 54 series deductions

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