Period of holding to count from the date of provisional allotment letter

DCIT Vs Smt. Jennifer Chakraborty (ITAT Kolkata) Any capital asset held by the assessee for more than a period of thirty-six months is in the nature of Long Term Capital Asset. Further, the word “held” used in Section 2(14) of the Act implies right over a capital asset. In the instant case of the assessee, the right over the property was held by the assessee for the period of 36 months, therefore, on transfer of these properties the ‘long term capital gain’ has been offered by the assessee. We note that the assessee under consideration identified the flat at Upohar Project, Kol...