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2001 (10) TMI 13 - GUJARAT HIGH COURT
"Whether in law and on facts when the assessee received possession of the flat in October, 1981, and sold the same on December 4, 1982, the assessee is entitled to benefit of section 80T of the Income-tax Act, 1961?" - In the facts of the instance case, it is clear that the assessee acquired shares in the co-operative housing society and was allotted the flat on November 15, 1979, and she transferred those shares on December 4, 1982. Thus, the assessee had held the shares and allotment of the flat in the said co-operative housing society for a period of more than 36 months. Accordingly, the capital gain in question was rightly held by the Tribunal to be a long-term capital gain. Therefore, the assessee was rightly entitled to the benefit of section 80T of the Income-tax Act, 1961.