Redevelopment Gains Are LTCG If Rights Crystallised Earlier

Urmila Jagdish Mehta Vs ACIT (ITAT Mumbai) Allotment Date Decides Holding Period: ITAT Mumbai Treats Redeveloped Flat Gains as LTCG, Allows Sec 54 Relief The Mumbai ITAT “F” Bench, comprising Smt. Beena Pillai (JM) & Shri Makarand Vasant Mahadeokar (AM), allowed the appeal of Mrs. Urmila Jagdish Mehta for AY 2014-15 and held that capital gains arising from sale of a redeveloped residential flat were long-term capital gains, not short-term, thereby deleting the addition of ₹2.11 crore made by the AO and sustained by the CIT(A). The Assessee originally acquired a flat in 1988. Pursuant...