Just a moment...

Top
FeedbackReport
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS

The Tribunal decided the property purchase right transfer as long-term gain. Deduction claim u/s 54F allowed.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The Appellate Tribunal considered whether the transfer of the right to acquire property should be categorized as a long-term or short-term capital gain. The Tribunal found that the right accrued to the assessee upon issuance of the allotment letter, granting the right to purchase the flat. The holding period was determined to commence from the date of the allotment letter, resulting in the gain being classified as long-term. Additionally, the Tribunal allowed the deduction claim u/s 54F, emphasizing the authority of appellate bodies to entertain such claims. The matter was remitted to the Assessing Officer for verification in accordance with the law.....