https://www.taxtmi.com/caselaws?id=179647 Rights acquired on allotment of specific flats, together with continuing payments to the builder, were treated as a capital asset for capital gains purposes, with the holding period counted from the date enforceable rights in the identified property arose rather than from the later registered conveyance. On that basis, the transfer was treated as giving rise to long-term capital gain because the period exceeded thirty-six months. Section 54 relief was considered capable of application to the transfer of such rights, but the factual question whether the capital gains were invested in a new residential house had not been examined. The denial of exemption was therefore set aside for fresh factual verification, leaving the alternative claim open. en-us Fri, 29 Nov 2013 00:00:00 +0530 Mon, 26 Sep 2016 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179647 Rights acquired on allotment of specific flats, together with continuing payments to the builder, were treated as a capital asset for capital gains purposes, with the holding period counted from the date enforceable rights in the identified property arose rather than from the later registered conveyance. On that basis, the transfer was treated as giving rise to long-term capital gain because the period exceeded thirty-six months. Section 54 relief was considered capable of application to the transfer of such rights, but the factual question whether the capital gains were invested in a new residential house had not been examined. The denial of exemption was therefore set aside for fresh factual verification, leaving the alternative claim open. Case-Laws Income Tax Fri, 29 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179647