Criteria for property sold to be considered as a long term capital asset under the Income Tax Act

Last updated: 25 June 2021
Quick Summary
This case concerns whether a property sold by the assessee qualifies as a long-term capital asset for tax purposes. The assessee entered into an agreement to purchase a property in Goa on 14.12.2007, paying a significant portion of the price and stamp duty on that date. The property was later sold on 15.7.2011. The key issue is the date from which the asset is considered held, impacting whether the gain or loss is long-term or short-term.

Court :
ITAT Bangalore

Brief :
The assessee has filed this appeal challenging the order dated 18.8.2020 passed by Ld.CIT(A)-1, Bengaluru and it relates to the assessment year 2012-13. The solitary issue urged by the assessee is whether the property sold by the assessee is a long term capital asset or not.

Citation :
ITA No.677/Bang/2020

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