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2018 (8) TMI 918 - AT - Income TaxShort term or long term capital gain - determination of period of holding of property - the assessee has purchased the long term capital assest being godown as per agreement dt. 24-04-2008 - assessee has paid the Stamp Duty on the said agreement dt 20/04/2008 - part payment was made at the time of agreement - substantial and remaining payment was made as on 11-07-2008 and property got registered with the registrar. Held that:- In the instant case it is crystal clear that by virtue of agreement for sale dt. 24-04-2008, and making a part payment, the assessee has acquired irrevocable tight, title and interest including possession in the house property in the form of Godown. The registration of the property which was done subsequently on 11-07-2008 was only a formality. And therefore the period of 36 months of holding of long term capital Assets should be reckoned from 24-04-2008 and not from 11-07-2008 as wrongly adopted by the LD AO. - to be taxed as LTCG - benefit of exemption u/s 54 allowed - Decided in favor of assessee.
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