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2017 (8) TMI 338 - AT - Income TaxShort term capital gain - LTCG OR STCG - Held that:- When the case of assessee was selected for scrutiny and statutory notices were issued, the assessee, by way of revised computations of income, inter alia, declared long term capital gain on the sale of property No. G-023, second Floor, Phase IV, DLF City, Gurgaon. This property was allotted by HUDA to the assessee by way of buyer’s agreement on 27.12.2099, but transferred in the name of assessee by execution of sale deed on 29.01.2004. The assessee sold this property to one Sh. Mohit Sharma through registered sale deed on 09.06.2005 and accordingly computed the long-term capital gain taking the holding period of the asset for more than 36 months. The entire material available on record and we find that the issue involved in this appeal is squarely covered by the decision of Hon’ble Jurisdictional High Court in the case of CIT vs. K. Ramakrishna (2014 (3) TMI 812 - DELHI HIGH COURT) wherein it has been that in order to determine taxability of capital gain arising from sale of property, it is date of allotment of property which is relevant for purpose of computing holding period and not date of registration of conveyance deed. - Appeal of the assessee is allowed.
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