Allotment Date Key for Property Holding Period & Capital Gains; Stamp Duty Value Critical for Income Assessment.

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....The Appellate Tribunal held that for determining the holding period of a property or calculating long-term capital gains, the date of allotment of the property is paramount. Subsequent acts like payment of installments, delivery of possession, and execution of sale deed originate from the allotment letter and are consequential. Therefore, the stamp duty value on the date of allotment should be considered u/s 56(2)(x) for assessing the difference between the stamp duty value and sale consideration. The difference between the stamp duty value as on 22.12.2014 (Rs. 1,88,00,000/-) and the sale consideration (Rs. 1,75,00,000/-) is to be assessed as income from other sources in the hands of the assessee, limited to their 1/3rd share (Rs. 13,00,00.........