Asset Holding Period Determines Capital Gain Type: Focus on Practical Holding, Not Legal Ownership Date for Tax Purposes.

Gain on sale of property - LTCG or STCG - period of holding - for the purpose of determining the nature of capital gain, the period during which the asset was held by the assessee for all practical purposes on de-facto basis was to be considered and not the date of obtaining absolute legal ownership of the asset for determining the holding period. .....

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