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2021 (7) TMI 57 - AT - Income TaxLong term or Short term capital gain - holding period of asset - benefit of indexation - right in the asset - AO referred to the provisions of Section 2(47)(v) and came to the conclusion that as per the definition of transfer under the Income Tax Act, 1961, the transfer date of property is taken to be earlier of the date of registration of sale deed or part payment and possession of the property as per Section 53A of Transfer of Property Act - HELD THAT:- Since the assessee in the instant case was allotted the property vide agreement Dated 11.04.2011 and allotment letter dated 08.07.2011, therefore, he has acquired a right in the asset and such right is a capital asset and payment of installments as per the terms is only a follow-up action and taking delivery of possession is only a formality. Therefore, the assessee in our opinion has correctly computed the long term capital loss. We, therefore, set aside the Order of the Ld. CIT(A) and direct the A.O. to allow the long term capital loss claimed by the assessee.
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