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ITAT determined that the period of holding for capital gains calculation should be reckoned from the date of the registered allotment agreement (03.10.2016), not the final payment date (21.08.2019). The Tribunal found that the taxpayer acquired title and interest in the property upon registration of the allotment agreement. The taxpayer correctly computed Long-Term Capital Gain by claiming indexation benefit only for payments made per the initial agreement, without indexing payments made in FY 2019-20. The AO's addition treating the gain as Short-Term Capital Gain was directed to be deleted, as the property qualified as a Long-Term Capital Asset based on the holding period from the allotment agreement date.
ITAT determined that the period of holding for capital gains calculation should be reckoned from the date of the registered allotment agreement (03.10.2016), not the final payment date (21.08.2019). The Tribunal found that the taxpayer acquired title and interest in the property upon registration of the allotment agreement. The taxpayer correctly computed Long-Term Capital Gain by claiming indexation benefit only for payments made per the initial agreement, without indexing payments made in FY 2019-20. The AO's addition treating the gain as Short-Term Capital Gain was directed to be deleted, as the property qualified as a Long-Term Capital Asset based on the holding period from the allotment agreement date.
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