Letter of allottment date must be taken as date of holding asset

ITAT held that holding period should be computed from the date of issue of allotment If we do so, the holding period becomes more than 36 months and consequently, the property sold by the assessee would be long term capital asset in the hands of the assessee and the gain on sale of the same would be taxable in the hands of the assessee as Long Term Capital Gain We have firstly analysed the provisions of section 2(42A) which defines ‘short term capital asset’ as under:- “Section 2(42A) in the Income- Tax Act, 1961 (42A) “short- term capital asset” means a capital asset held by an ...