https://www.taxtmi.com/caselaws?id=330676 For capital gains on immovable property, actual handing over of vacant possession was treated as the operative event for transfer under section 2(47), rather than mere execution of the agreement to sell. On the admitted facts, possession was handed over on 14.05.2011, so the holding period exceeded 36 months and the gain was characterised as long-term capital gain, not short-term capital gain, for the later assessment year. As the assessee had purchased another residential flat, the claimed deduction under section 54 was also allowed. en-us Fri, 22 Jul 2016 00:00:00 +0530 Tue, 02 Aug 2016 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330676 For capital gains on immovable property, actual handing over of vacant possession was treated as the operative event for transfer under section 2(47), rather than mere execution of the agreement to sell. On the admitted facts, possession was handed over on 14.05.2011, so the holding period exceeded 36 months and the gain was characterised as long-term capital gain, not short-term capital gain, for the later assessment year. As the assessee had purchased another residential flat, the claimed deduction under section 54 was also allowed. Case-Laws Income Tax Fri, 22 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330676