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2012 (12) TMI 407 - AT - Income TaxHolding period of property - LTCG / STCG - While calculating period of holding of property which date is to be consider as date of acquisition - Date of purchase agreement or date of final payment/date of registration or from date of possession - Held that:- As the year of acquisition of the flat has to be considered as the year in which assessee had taken possession of the flat after making part payments by instalments as the assessee became owner of the flat u/s 53A of the transfer of property right Act. The assessee got ownership rights from the date the assessee got possession of the flat which was 20th Dec. 2000. Following the decision in case of Madathil Brothers (2007 (10) TMI 234 - MADRAS HIGH COURT) that holding period has to be reckoned from the date of possession of the property. Therefore, AO has to take the holding period from the date of possession after necessary verification of possession date. Appeal decides in favour of revenue & remand back to AO.
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