For Capital gain date of asset ‘held’ is to be considered and not the date of obtaining absolute legal ownership

Ramesh A. Radhakrishnan Vs ACIT (ITAT Mumbai) We find that the expression used is ‘held’ as against ‘acquired’ or ‘purchased’ as used in other Sections like section 54 / 54F which shows that legislatures were conscious while making use of this expression. The expressions like ‘owned’ / ‘acquired’ has not been used for the purpose of determining the nature of asset as short term capital asset or long term capital asset. Thus, the intention of the legislature was clear that for the purpose of determining the nature of capital gain, the period d...