TMI BlogThe case pertains to the determination of the date of "purchase" for claiming deduction u/s 54F of the...The case pertains to the determination of the date of "purchase" for claiming deduction u/s 54F of the Income Tax Act. The issue revolves around whether the assessee has purchased the new house property within the stipulated time limit of 24 months from the date of transfer of the capital asset. The assessee had paid the entire sale consideration and obtained possession of the property on the same day, albeit the registration was delayed beyond the prescribed time limit. The Delhi High Court in Balraj's case held that deduction u/s 54 should not be rejected merely due to pending registration if the consideration is paid. The Karnataka High Court in Sambandam Udaykumar's case also ruled in favor of the assessee, stating that the benefit u/s ..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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