Date of possession can be taken as Date of Acquisition to claim S. 54 Benefit

Smt. Ranjana R. Deshmukh Vs ITO (ITAT Mumbai)

Admittedly, though the assessee had entered into an agreement to purchase the new property viz. A-801, Lodha Luxuria on 29.01.2009, but then the possession of the same was delivered to her only as on 18.05.2012. We are persuaded to subscribe to the claim of the ld. A.R that the purchase of new residential property would be substantially effected on the date when the assessee had paid the full consideration on the flat becoming ready for occupation and had obtained possession of the same. In the backdrop of o

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