Case Law Details
ACIT Vs Ms. Shradha Sudhir Valia (ITAT Mumbai)
Holding period for computation of LTCG to be reckoned from the date of allotment of flat not from the sate of execution of agreement.
Conclusion:
Where allotment as well as execution of the agreement did not vest two different capital assets in the hands of the assessee which got exchanged with each other upon execution of the agreement rather the event of allotment as well as execution of agreement was part & parcel of the same transaction and only an improvement in ownership rights held by assessee in the flat, therefore,period of holding had to be taken from the date of allotment and the resultant gains earned by assessee would be LTCG only.
Held:
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