https://www.taxtmi.com/caselaws?id=64932 Profit from sale of an allotted plot was treated as short-term capital gain because complete title arose only on execution of the conveyance deed, not on initial allotment or delivery of possession. The allottee had only possessory rights after part-payment under the allotment terms and the Punjab Urban Estates (Sale of Sites) Rules, 1965, while the asset with full legal title came into existence later on conveyance. Since that legally distinct asset was acquired only on execution of the sale deed and was sold within about nine months, it qualified as a short-term capital asset under section 2(14) of the Income-tax Act, 1961. en-us Tue, 05 Sep 1989 00:00:00 +0530 Fri, 11 Feb 2011 12:22:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64932 Profit from sale of an allotted plot was treated as short-term capital gain because complete title arose only on execution of the conveyance deed, not on initial allotment or delivery of possession. The allottee had only possessory rights after part-payment under the allotment terms and the Punjab Urban Estates (Sale of Sites) Rules, 1965, while the asset with full legal title came into existence later on conveyance. Since that legally distinct asset was acquired only on execution of the sale deed and was sold within about nine months, it qualified as a short-term capital asset under section 2(14) of the Income-tax Act, 1961. Case-Laws Income Tax Tue, 05 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64932