https://www.taxtmi.com/caselaws?id=245364 For capital gains purposes, the holding period of an allotted property may begin when beneficial ownership accrues on allotment and substantial payment is completed, rather than on later conveyance or registration. The Tribunal accepted that the assessee acquired beneficial interest in the plot on the date of allotment and therefore could treat the asset as held from that date for long-term capital gain computation. The High Court found no reason to interfere with that view and the assessee's claim succeeded on the basis that allotment and substantial compliance with the allotment terms determined the relevant holding period. en-us Tue, 18 Mar 2014 00:00:00 +0530 Fri, 06 Jun 2014 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245364 For capital gains purposes, the holding period of an allotted property may begin when beneficial ownership accrues on allotment and substantial payment is completed, rather than on later conveyance or registration. The Tribunal accepted that the assessee acquired beneficial interest in the plot on the date of allotment and therefore could treat the asset as held from that date for long-term capital gain computation. The High Court found no reason to interfere with that view and the assessee's claim succeeded on the basis that allotment and substantial compliance with the allotment terms determined the relevant holding period. Case-Laws Income Tax Tue, 18 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245364