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2016 (7) TMI 169 - ITAT KOLKATACapital gain computation - selection of period of holding - whether the date of allotment should be taken for the period of holding for the working of capital gain? - Held that:- From the facts of this case, we find that there is no separate agreement executed by assessee for the purchase of the flat and the letter of allotment which is in the paper book at pages 23 to 33 is the only document which gives right of ownership in the flat. Therefore, in our view with the date of allotment letter will be taken for working out the period of holding in the instant case. Thus we reverse the orders of Authorities Below and direct the Assessing Officer to take the date of letter of allotment for working out the period of holding. In the instant case letter of allotment is on 01.01.2006 and accordingly the right was acquired on that date. The assessee sold the right acquired by way of letter of allotment is to be dated on 07.03.2009. accordingly the period of holding exceeds 36 months in the present case. So the period of holding in the instant case exceeds 36 months and income arising on the sale of said property will be treated as LTCG. - Decided in favour of assessee.
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