Allotment Date is Key for Long-Term Capital Gains: Unconditional Allotment Sets Acquisition Date for Property Rights.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Date of acquisition for computation of LTCG - if allotment is not a conditional allotment and do not envisages cancellation of the allotted property, in any manner then the assessee has acquired right in a specific property on date of allotment - Subsequently, execution of agreement of sale was nothing but mere improvement in assessee’s existing rights to acquire a specific property - Gain is long term capital gain....