TaxTMI 
TaxTMI 
Dear Experts,
Please share your views in case of Capital Gain whether date of booking or date of possession is taken as date of acquisition??
Please refer some latest case laws too.
Regards,
Reshma
Capital Gain
26 Dec 2011 
4 Replies 
1612 Views Asked by
Date of acquisition: possession or allotment normally governs capital gains treatment, booking reflects contractual rights only.
The date of acquisition for capital gains is ordinarily the date of allotment or possession of a ready property; booking establishes contractual rights but does not amount to acquisition for capital gains computation. If only contractual rights are transferred, the agreement date may be relevant. Booking may be recognised for investment or reinvestment deduction purposes, but that does not convert booking into the acquisition date for computing capital gains. (AI Summary)
The date of acquisition for capital gains is ordinarily the date of allotment or possession of a ready property; booking establishes contractual rights but does not amount to acquisition for capital gains computation. If only contractual rights are transferred, the agreement date may be relevant. Booking may be recognised for investment or reinvestment deduction purposes, but that does not convert booking into the acquisition date for computing capital gains. (AI Summary)