For Section 54 exemption compute holding period from asset acquisition date

ACIT Vs Sandeep U Mehta (ITAT Mumbai) Conclusion: Assessee was entitled to exemption under section 54 on long term capital gain on sale of properties as the holding period of the asset should be considered from the date of acquisition of asset in the light of agreement to sale, but not from the date of possession of the property. Held: Assessee had computed long term capital gain from sale of two properties by adopting indexed cost of acquisition and claimed exemption u/s 54 for purchase of another residential house property. AO had recomputed long term capital gain derived from sale of one ...