Assessee acquired a property from a building society under a lease-cum-sale agreement dated 22-3-2001. Entire consideration was paid when site was originally allotted in 2001.\u00a0 Absolute conveyance was made on 31-8 2014.\u00a0\u00a0 Assessee sold the site and building on 3-12-2014 and claimed the sale as long term capital gains.\u00a0 AO treated the transaction as short term\u00a0\u00a0\u00a0 considering the date of conveyance ie 31-8 -2014. On appeal the Tribunal held that date of holding to be computed from the date of allotment and not from the date of absolute conveyance was made on 31-8-2014.\u00a0 \u00a0Followed \u00a0CIT v. Dr. Shakuntala ITA No.117 of 2006, dt. 19-9-2007 (Karn) (HC) and CIT v. A Suresh Rao (2014) 223 Taxman 228 (Karn)(HC). ( AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Long term capital gains- Lease \u2013Entire consideration was paid when site was originally allotted in 2001- Date of holding to be computed from the date of allotment and not from the date of absolute conveyance was made and entitle to deduction u\/s. 54F of the Act. [S. 2(42A), 2(47), 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":[1],"tags":[],"class_list":["post-4756","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1eI","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4756","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=4756"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4756\/revisions"}],"predecessor-version":[{"id":10498,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4756\/revisions\/10498"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=4756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=4756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=4756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}