Period of holding commences from Property Purchase agreement date

ACIT Vs Shri Michelle N. Sanghvi (ITAT Mumbai) When agreement to purchase is executed between the assessee and the builder, assessee gets all the valuable rights in the units to be constructed, hence, period of holding commences from the date of agreement to purchase and date of possession was irrelevant for deciding whether the gain is long term or short term. We find that the assessee purchased flat No. 1807, Ashok Towers from M/s. Peninsula Land Ltd. vide agreement of purchase dated 18.12.2006 and sold the same on 11.05.2011. The assessee was given possession of the flat on 19.01.11. Now th...