Agreement date of purchase relevant when physical possession of property given at a later date to Compute Short Term or Long Term Capital Gain

ACIT Vs. Shri Michelle N. Sanghvi (ITAT Mumbai)

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 the question is whether the asset was held for a period of 36 months or less. In our considered view the interest in the property is created the movement the agreement to purchase is entered into in favor of the assessee accompanying with part paymen

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