Capital-gains holding period for a residential flat acquired...

Capital-gains holding period for a residential flat acquired under a builder's allotment letter runs from allotment rather than later registration, because the statutory test is whether the asset was held. A flat held beyond the applicable long-term period consequently qualifies for long-term capital-gains treatment, with indexation and section 54 relief available in accordance with law. For section 56(2)(vii)(b), an allotment letter containing the essential acquisition terms may constitute the relevant agreement. Where part consideration was paid through banking channels before allotment, stamp-duty value must be determined as on the agreement date, requiring valuation and recomputation on that basis.