https://www.taxtmi.com/caselaws?id=190751 A right under an allotment letter for leasehold property is a capital asset, and its acquisition occurs when a concluded contract arises on acceptance of the bid and compliance with the initial payment condition. Later instalments made under the contract do not defer the date of acquisition, because they only perform the already vested right to obtain conveyance. On that basis, the right was acquired in 1994 rather than 2004, so the holding period exceeded the long-term threshold. The transfer was therefore treated as giving rise to a long-term capital loss. en-us Wed, 21 Dec 2011 00:00:00 +0530 Fri, 24 Feb 2017 17:52:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190751 A right under an allotment letter for leasehold property is a capital asset, and its acquisition occurs when a concluded contract arises on acceptance of the bid and compliance with the initial payment condition. Later instalments made under the contract do not defer the date of acquisition, because they only perform the already vested right to obtain conveyance. On that basis, the right was acquired in 1994 rather than 2004, so the holding period exceeded the long-term threshold. The transfer was therefore treated as giving rise to a long-term capital loss. Case-Laws Income Tax Wed, 21 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190751