Tribunal\u00a0 held that what was acquired by the assessee and what had ultimately been sold by the assessee was in pari materia. Thus the date of acquisition of the right could not be taken as June 22, 2010. The assessee acquired the right on October 14, 2006 which was ultimately sold on September 18, 2010. Therefore, since the holding period of the property was more than 36 months, the resultant gains would be long-term capital gains. Consequently, the benefits of indexation would be available since the financial year 2006-07. The assessee submitted that the assessee\u2019s deduction claim would fall under section\u00a054F\u00a0and not under section\u00a054\u00a0since what had been sold was merely a certain right in the property. The facts were brought to the notice of the Commissioner (Appeals) also. Therefore, the alternative claim as made by the assessee under section\u00a054F\u00a0would be admissible. The Assessing Officer was directed to verify the assessee\u2019s claim under section\u00a054F\u00a0and recompute the income.( AY.2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.45: Capital gains \u2014 Long-term capital gains \u2014Allotment letter – – Subsequent letter and premises ownership agreement \u2014 Improvement in rights which already created \u2014 Date of acquisition of right not date of registration but date of allotment letter \u2014 Holding of property more than 36 months \u2014 Assessable as long term capital gains – Entitled to Indexation benefit \u2014Entitled to exemption on reinvestment in new flat [ S. 2(42A),54 , 54F ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14418","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3Ky","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14418"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14418\/revisions"}],"predecessor-version":[{"id":14419,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14418\/revisions\/14419"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}