1993 (11) TMI 7

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..... office premises on July 23, 1987, which resulted in long-term capital gains of Rs. 24,05,050. Prior to the sale she had entered into an agreement for purchase of a residential flat which agreement was dated September 4, 1985. The agreement was for purchase of a flat for a total consideration of Rs. 12,26,751. On the date of the agreement of sale, the assessee paid a sum of Rs. 1,35,000 as earnest .....

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..... the date of possession of the new residential premises instead of the date of sale agreement and the date of registration ? " Under section 54F of the Income-tax Act, in the case of an assessee if any capital gain arises from the transfer of any long-term capital asset, not being a residential house, and the assessee has, within a period of one year before or two years after the date on which t .....

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..... years after the sale of the capital asset which resulted in long-term capital gains. The Tribunal has held that the relevant date in this connection is July 29, 1988, when the petitioner paid the full consideration amount on the flat becoming ready for occupation and obtained possession of the flat. This has been taken by the Tribunal as the date of purchase. The Tribunal has looked at the substan .....

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