Date of allotment relevant for determining STCG/LTCG & Section 54/54F exemption

Mahendrasingh Ramsingh Jadav Vs. ITO (ITAT Bangalore) Assessee gets a right to the impugned property on the date of allotment letter, i.e., on 22.02.2006 and payment of instalment as per the terms is only a follow up action and taking delivery of possession is only a formality. Therefore, reckoning the period from 22.02.2006, i.e. the date of allotment, we hold that the sale of impugned flat give raise to long term capital gains and not short term capital gains as held by the authorities below. As regards the claim of deduction u/s 54 of the I.T.Act, the assessee has furnished the details of p...