https://www.taxtmi.com/caselaws?id=64397 For long-term capital asset classification under the Income-tax Act, "held" denotes actual holding and is not confined to registered ownership. Possession of land, substantial prior payment of consideration and supporting evidence such as property-tax payment may establish a holding period exceeding 60 months, enabling long-term capital gains treatment and the related deduction. Conversely, possession and substantial payment alone do not establish that legal title transferred before execution of a registered conveyance where evidence of an earlier transfer is insufficient. The distinction preserves actual holding as relevant for the holding-period test while requiring adequate proof of title transfer in law. en-us Sat, 02 Apr 1983 00:00:00 +0530 Mon, 07 Feb 2011 16:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64397 For long-term capital asset classification under the Income-tax Act, "held" denotes actual holding and is not confined to registered ownership. Possession of land, substantial prior payment of consideration and supporting evidence such as property-tax payment may establish a holding period exceeding 60 months, enabling long-term capital gains treatment and the related deduction. Conversely, possession and substantial payment alone do not establish that legal title transferred before execution of a registered conveyance where evidence of an earlier transfer is insufficient. The distinction preserves actual holding as relevant for the holding-period test while requiring adequate proof of title transfer in law. Case-Laws Income Tax Sat, 02 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64397