Capital Asset Holding Period Starts from Allotment Date for Capital Gain, Not Buyer's Agreement, Tribunal Rules.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Capital gain computation - determination of holding period of asset - The dispute centered around whether the holding period of a capital asset should be computed from the date of allotment of a flat or the date of the buyer's agreement - Relying on relevant judicial precedents and CBDT circulars, the tribunal concluded that the date of allotment should be considered as the date of acquisition for computing capital gains tax. As a result, it allowed the long-term capital loss as reported by the assessee.....