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What is Long-Term Capital Gains Tax Ruling about?

The High Court of Punjab and Haryana ruled on the classification of capital gains for an assessee who purchased a flat in 1970 but only completed payment in 1973. The court determined that the assessee was the beneficial owner of the property from the date of the agreement, thus qualifying the capital gains as long-term rather than short-term. This decision reversed the earlier classification by the Income Tax Officer, affirming the Tribunal

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dunofficial0

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EN