Kerala HC Directs to treat Income from Sale of Immovable Properties owned by Assessee as ‘Capital Gains’

The Kerala High Court directed that income from the sale of immovable properties owned by an assessee be treated as capital gains. The court clarified the classification of such income, emphasizing its implications for tax assessments. This decision provides guidance on determining the nature of income from property sales for tax purposes. The ruling ensures that taxpayers understand the tax treatment of property transactions, aiding compliance.