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2010 (9) TMI 850 - PUNJAB AND HARYANA HIGH COURT
Capital gains on account of sale of residential flat - whether the capital gain arising on allotment of flat under the scheme of the DDA on 27.2.1982 of which actual flat number and delivery of possession took place on 15.5.1986 and the flat having been sold on 6.1.1989, was a long term capital gain; and consequently, whether the assessee was entitled to set off the same under Section 54 of the Act - Held that:- It is concluded that the provisions of Sections 2(14), 2(29A) and 2(42A) encompasses within its ambit those cases of capital asset which are held by an assessee. Once that is so, adverting to the facts of the present case, the assessee was allotted flat on 27.2.1982 on payment of instalments by issuance of an allotment letter and he had been making payment in terms thereof but the specific number of the flat was allocated to the assessee and possession delivered on 15.5.1986. The right of the assessee prior to 15.5.1986 was a right in the property. In such a situation, it cannot be held that prior to the said date, the assessee was not holding the flat. In favour of assessee.