Taxability of capital gain arising from sale of property - The...

Taxability of capital gain arising from sale of property - The assessee had acquired a right to get a particular flat from the builder and that right of the assessee itself is a capital asset. The word 'held' used in Section 2 (14) as well as Explanation to Section 48 clearly depicts that assessee must have some right in the capital asset which is subject to transfer. - the asset in question is a long-term capital asset and the assessee is entitled to the benefit of indexation from the date of allotment/agreement. - AT