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2019 (6) TMI 1052 - AT - Income TaxExemption u/s 54F - AO treated the capital gain on sale of the said plot of land as Short Term Capital Gain on the premise that such property was held by the assessee for less than 36 months - whether “holding period” of a capital asset is to be reckoned from the “date of allotment” or from the “date of possession” ? - HELD THAT:- As relying on ANILABEN UPENDRA SHAH. [2001 (10) TMI 13 - GUJARAT HIGH COURT] issue decided in favour of the assessee for the asset for more than 36 months from the date of allotment of the property, we find no justification in the order passed by the authorities below in such capital gain as short term capital gain by considering the holding period from the date of registration of the property as on 30.09.2009 instead of date of allotment on 15.02.2007. In our considered opinion the assessee held the property for more than three year w.e.f 15.02.2007 when the allotment letter was issued in the name of the assessee till the date of subsequent sale of the said property on 04.08.2010. In that view of the matter, the capital gain is to be treated as long term capital gain arising out of the sale of the said long term capital asset and the assessee is entitled to the exemption u/s 54F as claimed in her return. We, therefore, find no merit in such addition made by the authorities below. The addition is therefore, deleted. - Decided in favour of assessee.
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