Date of possession is considerable as actual purchase date for claiming exemption u/s 54

Advertisement Sanjay Vasant Jumde Vs ITO (ITAT Pune) ITAT Pune held that as on the date of agreement, the building was not constructed, the date of possession will be considered as actual date of purchase for the purpose of claiming exemption under section 54 of the Income Tax Act. Facts- During the relevant A.Y., the assessee has sold his bungalow and earned long term capital gain of Rs. 2,10,71,915/-, out of which he claimed deduction of Rs. 1,70,91,871/- u/s 54 of the Act for investment in a residential flat to the extent of Rs. 1,70,91,871/-. The assessee had sold the above bungalow on ...