Holding Period Starts From Agreement Date, Not Possession: ITAT Mumbai

Braj Kishore Singh Vs Assessing Officer Internatinal Tax (ITAT Mumbai) ITAT Mumbai Affirms Agreement Date as Start of Holding Period for Capital Gains In a ruling that reinforces a significant and well-settled legal principle, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench, in the case of Braj Kishore Singh Vs Assessing Officer Internatinal Tax, has held that the holding period of a property for the purpose of calculating capital gains commences from the date of the ‘agreement for sale’, not from the subsequent date of possession. This decision provides critical clarity for...