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2005 (9) TMI 69 - HC - Income TaxSale of flat – capital gain – deduction - "Whether, Tribunal was right in law in holding that the capital gains arising out of the sale of the flat in Venus Apartments was long-term capital gains and thereby the assessee was entitled to deduction from such gains as per law?" - it is apparent that the assessee in the present case was allotted a share by the co-operative housing society on November 4, 1980, and the sale of the same took place on April 30, 1984, i.e., after a period of 36 months. The assessee was therefore justified in treating the surplus consideration as long-term capital gains. The Tribunal was therefore justified in holding that the capital gains so arising were long-term capital gains and the assessee was entitled to deduction from such gains as per law.
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