https://www.taxtmi.com/caselaws?id=355557 For capital gains purposes, the period of holding of an immovable property begins when the assessee acquires enforceable rights under a purchase or allotment agreement, not merely on taking physical possession. On that basis, the Tribunal held that the residential flat was held from the date of the purchase agreement, as the agreement created valuable rights and payments had commenced, while possession was only a subsequent formality. The gain on sale was therefore treated as long-term capital gain, with indexation allowed from the date of acquisition under the agreement. The Revenue's challenge failed. en-us Tue, 13 Feb 2018 00:00:00 +0530 Thu, 15 Feb 2018 09:24:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355557 For capital gains purposes, the period of holding of an immovable property begins when the assessee acquires enforceable rights under a purchase or allotment agreement, not merely on taking physical possession. On that basis, the Tribunal held that the residential flat was held from the date of the purchase agreement, as the agreement created valuable rights and payments had commenced, while possession was only a subsequent formality. The gain on sale was therefore treated as long-term capital gain, with indexation allowed from the date of acquisition under the agreement. The Revenue's challenge failed. Case-Laws Income Tax Tue, 13 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355557