https://www.taxtmi.com/caselaws?id=237530 The period of holding remains the governing test for classifying capital gains as short-term or long-term. Conversion of leasehold rights into freehold rights merely improves the title already held and does not create a fresh holding period from the date of conversion. Where the assessee had acquired the property originally as leasehold and sold it shortly after conversion, the later freehold conversion did not reset ownership for capital gains purposes. The gain was therefore not short-term merely because the sale followed the conversion, and the original holding period controlled the tax classification. en-us Wed, 07 Aug 2013 00:00:00 +0530 Sat, 07 Dec 2013 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237530 The period of holding remains the governing test for classifying capital gains as short-term or long-term. Conversion of leasehold rights into freehold rights merely improves the title already held and does not create a fresh holding period from the date of conversion. Where the assessee had acquired the property originally as leasehold and sold it shortly after conversion, the later freehold conversion did not reset ownership for capital gains purposes. The gain was therefore not short-term merely because the sale followed the conversion, and the original holding period controlled the tax classification. Case-Laws Income Tax Wed, 07 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237530