Held that the assessee was allotted the flat by letter of the builder dated February 22, 2006 on which date the assessee paid earnest money of Rs. 1 lakh. Based on the allotment letter, the assessee was given permission to mortgage the impugned flat with the bank for availing of bank loan. The assessee got a right to the property on the date of allotment letter, i. e., on February 22, 2006 and payment of instalments in accordance with the terms was only a follow up action and taking delivery of possession was only a formality. Therefore, reckoning the period from February 22, 2006, i. e., the date of allotment, the sale of the flat gave rise to long-term capital gains and not short-term capital gains as held by the lower authorities. The matter was remanded to the Assessing Officer for limited purposes for examining whether the assessee was entitled to deduction under section 54 of the Act. (AY.2010-11)