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2018 (2) TMI 978 - AT - Income TaxTreatment to Capital gain on sale of flat - STCG v/s LTCG - period of holding - possession held for more than 36 months - CIT-A treated as LTCG - Held that:- Interest in the property is created the moment the agreement to purchase is entered into in favour of the assessee accompanying with part payment. The date of possession is not material for deciding the period of holding by the assessee for the purpose whether the gain is long term or short term. CIT(A) has passed a reasoned and elaborate order for coming to the conclusion that the assets held by the assessee was long term asset and directed the AO to recompute the long term capital gain by allowing indexation on the cost of acquisition taking the date of purchase as 18.12.2006. The case of the assessee is also covered by a plethora of decisions of various High Courts and decisions of Coordinate Benches which has been referred to by the first appellate authority. - Decided against revenue
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