Section 54 exemption dependent on date of acquisition & not payment

M. George Joseph Vs DCIT (Karnataka High Court) In the instant case, the daughter of the assessee had entered into an agreement for purchase of a flat on 30.12.2006 with M/s Brigade Enterprises. On 21.08.2008, the assessee transferred his shares in the company on which Long Term Capital Gain was offered. Thereafter, under an agreement, on 18.03.2009, the flat was transferred in the name of the assessee and thereafter a registered sale deed was executed in favour of the assessee on 28.03.2011. The assessee had acquired the residential property viz., the flat under an agreement to sell in respec...