Assessee and other three companies had purchase four commercial properties by way of separate sale deeds. Subsequently all the aforesaid companies amalgamated with assessee and assessee became owner of all the four properties. Subsequently, assessee sold all properties to Bank and offered the gain derived from such sale as LTCG. \u00a0AO treated gain derived from sale of such properties as STCG since he computed the holding period for such properties from the date of issue of occupation certificate. \u00a0However, CIT(A) overruled the same holding that upon execution of sale deeds the right, title and interest over properties were transferred to Assessee hence assessee should be deemed to be owner of properties from date of execution of registered sale deeds. Tribunal held that merely because occupation certificate was issued by competent authority at a later stage, for whatever reason, it would not mean that assessee has not held property from date of execution of registered sale deeds. Assessee was holding properties from date of execution of registered sale deeds i. e. \u00a0for a period of more than 36 months prior to date of transfer. \u00a0Hence gains derived from sale of properties had to be assessed as LTCG. \u00a0\u00a0(AY. \u00a02010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains \u2013 Long term-Period of holding-Date of execution of sale deed to be considered for the holding period and not date of receipt of occupation certificate \u2013 Assessable as long term capital gains. [S. 2(42A)]<\/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-8591","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2ez","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8591","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=8591"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8591\/revisions"}],"predecessor-version":[{"id":8592,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8591\/revisions\/8592"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}