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date of purchase of flat

(Querist) 15 February 2014 This query is : Resolved 
Date of allotment letter or date of agreement to be considered for considering the date of purchase for income tax purpose
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ajay sethi (Expert) 15 February 2014
he High Court in the case of CIT v. Ved Parkash and Sons (HUF) (1994) 207 ITR 148 and Circular No. 471, dated October 15, 1986 (1986) 162 ITR (St.) 41, held that the allottee gets title to the property with the issuance of allotment letter and payment of instalments is only a follow up action and taking of the delivery of possession is only a formality and no right as such accrues.
Rajendra K Goyal (Expert) 15 February 2014
Academic query.
R.V.RAO (Expert) 16 February 2014
sri ajay sethiji's view backed by case law is fairly strong .the letter of allotment date is date of purchase.
T. Kalaiselvan, Advocate (Expert) 18 February 2014
Date of allotment will be considered as date of purchase.
chandrakant shetty (Querist) 22 January 2015
Thank you problem is resolved

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