S. 2(47) | Holding period | Time of agreement to sale vs. execution of sale deed

M/s Rajasthan Agencies Pvt. Ltd. Vs ITO (ITAT Jaipur)

Holding period for purpose of transfer u/s 2(47) was to be considered from the time of agreement to sale instead of execution of sale deed

Conclusion: Assessee was entitled to claim long term capital gain arising from the sale of the land as transfer as per provisions of section 2(47) was to be considered at the time of agreement dated 11.04.2007 instead of execution of sale deed 13.04.2010 because agreement to sale dated 11.04.2007, conversion of land use by JDA on 03.02.2010

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