22 March 2013
If the assessee is retaired employee of lic and he receiving pension in his retaired employee designation(i.e status as retaired lic employee) then it is taxable under that head salary. Because of pension receiving after retairment shall be treated as salary.
If he receiving pension as policy holder i.e pension receiving from the penshion plus policy scheme then it is exempted to tax u/s 10(10D).
please also tell mr.A received an allotment letter of flat from a builder on 15th june,2006 under construction link payment scheme and got a physical possession on 15th march,2012
then mr.A sold the above flat on 15th may,2012
sir please tell the nature of above gain ?? (short term or long term)
sir if it is long term,also give me some case laws of punjab & haryana high court
24 March 2013
In this case the period of holding shall be consider from the date of allotment. For supporting this the case law is as follows.
An assessee was allotted a flat under a scheme of Delhi Development Authority but the actual registration of the flat in the name of the assessee was done much later. In order to determine the short term or long term nature of the asset the period of holding of the asset is relevent. For this purpose, the period of possession without title should also be treated as period of holding of property. Therefore, the period of holding can be reckoned from the date of allotment and not from the date of registration and this is indicated in Cirular no.471 dated 15th October,1986 - Vinod Kumar Jain vs. CIT(2012) 344 ITR 501 (P&H).
So your case is same as the above case and period of holding shall be consider from the date of allotement i.e from 15-6-2006 and you sold the property on 15-5-2012 Since holding period is 5 years 11 months thus it is longterm capital gain.
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