A flat buyer acquire vested right in flat upon payment of consideration & execution of allotment letter

Yogesh Mavjibhai Gala Vs PCIT (ITAT Mumbai) A flat buyer acquire vested right in the flat upon payment of consideration and execution of allotment letter The holding period for the purpose of capital gain for income tax is calculated from the date of allotment of flat and not from the date of possession of flat. Facts of the case : Two flats were allotted to the Appellant vide letter of allotment dated 20/02/2010. The Agreements for purchase were executed after more than three years i.e. on 05/07/2013 (registered on 08/07/2013) and 04/05/2013 (registered on 08/05/2013) respectively for a consi...