https://www.taxtmi.com/caselaws?id=251368 Tenancy rights surrendered for capital gains were treated as a long-term capital asset because the relevant test under section 2(42A) was the period for which the assessee had held and enjoyed those rights, not the notion that a fresh month-to-month tenancy arose each month after expiry of the original term. Leasehold and tenancy interests qualify as capital assets, and "held" includes possession and enjoyment of such rights. As the assessee acquired the tenancy in 1973 and remained in possession with rent accepted until surrender in 1997, the holding period ran from the original acquisition. The surrender consideration was therefore taxable as long-term capital gain. en-us Tue, 02 Sep 2014 00:00:00 +0530 Wed, 18 Feb 2015 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251368 Tenancy rights surrendered for capital gains were treated as a long-term capital asset because the relevant test under section 2(42A) was the period for which the assessee had held and enjoyed those rights, not the notion that a fresh month-to-month tenancy arose each month after expiry of the original term. Leasehold and tenancy interests qualify as capital assets, and "held" includes possession and enjoyment of such rights. As the assessee acquired the tenancy in 1973 and remained in possession with rent accepted until surrender in 1997, the holding period ran from the original acquisition. The surrender consideration was therefore taxable as long-term capital gain. Case-Laws Income Tax Tue, 02 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251368