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2016 (7) TMI 1039 - AT - Income TaxEligibility of exemption u/s 54 - whether date of purchase is the date on which agreement for purchase is registered? - Held that:- From the reading of section 54(1), it is clear that section concerns two type of house property, namely (i) original asset and (ii) the new asset. Original asset here means the house property on the transfer whereof the capital gain arises. The new asset refers to the property which has been purchased or constructed within the stipulated period. To avail the exemption, the taxpayer has to deposit the appropriate amount of capital gains in the specified banks by the due date of furnishing of return of income laid down in section 139(1) of the Act. Since, the facts mentioned in the impugned order are not in dispute, therefore, considering the totality of facts we find no infirmity in the conclusion drawn by the Ld. Commissioner of Income Tax (Appeal) allowing exemption u/s 54 holding that the date of purchase is the date on which agreement for purchase is registered - Decided against revenue
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