https://www.taxtmi.com/caselaws?id=761698 ITAT Mumbai held that property sale constituted long-term capital gains (LTCG) rather than short-term capital gains (STCG). The tribunal determined that the date of provisional allotment letter, not the date of property completion, established the acquisition date for calculating the holding period. The assessee had acquired a right in personam through the allotment letter and 20% advance payment, creating a contractual right to purchase. This right qualified as acquisition of the asset, making it eligible for section 54F exemption. The tribunal deleted the addition and directed the AO to examine the section 54F claim subject to fulfilling requisite conditions. Appeal allowed. en-us Mon, 28 Oct 2024 00:00:00 +0530 Fri, 15 Nov 2024 08:45:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761698 ITAT Mumbai held that property sale constituted long-term capital gains (LTCG) rather than short-term capital gains (STCG). The tribunal determined that the date of provisional allotment letter, not the date of property completion, established the acquisition date for calculating the holding period. The assessee had acquired a right in personam through the allotment letter and 20% advance payment, creating a contractual right to purchase. This right qualified as acquisition of the asset, making it eligible for section 54F exemption. The tribunal deleted the addition and directed the AO to examine the section 54F claim subject to fulfilling requisite conditions. Appeal allowed. Case-Laws Income Tax Mon, 28 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761698