TMI Blog2022 (1) TMI 1264X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee, it is difficult to come to a conclusion based on the cancellation of telephone connection that they are in possession of the property. Apart from this, the GPA was registered as document No.2691/2006 on 30.06.2006 at SRO, Chikkadpally, Hyderabad. Therefore, we are of the view that the sale has taken place only on 10.07.2006. Hence the Assessing Officer as well as the learned CIT(A) has rightly came to the conclusion that the assessee is entitled only for STCG. Hence, we do not find any infirmity in the order of Assessing Officer as well as the learned CIT(A). Hence this ground raised by the assessee is dismissed. Denial of deduction u/s.54 - deduction u/s. 54 of the Act on purchase of residential property vide Agreement of Sale cum General Power of Attorney in the name of Smt. Shamim Begum, wife of the assessee and Mohammed Saleem - As per revenue assessee did not file ownership rights of the property and he is only a GPA holder, hence he has no ownership right over the property, the assessee is not entitled for deduction u/s. 54 - HELD THAT:- In this case, the assessee entered into an Agreement of sale cum GPA which was registered, vide Document No.3374/08 dt.15.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee and his brother has entered into an agreement of sale on 5.10.2000 at 2-2-184, Turabnagar, Amberpet, Hyderabad admeasuring 206 sq. yds for a total consideration of Rs.3.70 lakhs from Sri Syed Salahuddin and the assessee has paidd entire amount by Feb., 2001 and taken over the possession of the property from the seller. The assessee's brother Mohd. Layeeq was out of country for a period of three years, due to that sale deed was not executed in Feb., 2001 but the physical possession and the enjoyment of the property was with the assessee and his brother since Feb., 2001. An Affidavit from the seller of the property confirming that the property was sold in the year 2001. The assessee sold the property on 13.10.2008 to Sri S.Rajendar. However the assessee and his brother got registered an Agreement of Sale cum GPA on 10.07.2006 vide Document No.2691/2006 for consideration of Rs.11,22,000. After the sale of the above property, the assessee bought a residential property vide Agreement of Sale cum General Power of Attorney in the name of Smt. Shamim begum (wife of assessee) and Mohd. Saleem vide document No.3374/08 dt.15.10.2008 from one Sri K. Banu admeasuring 185 sq. yds for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been completed in Feb., 2001 except the cancellation of telephone connection in the property purchased by the assessee, it is difficult to come to a conclusion based on the cancellation of telephone connection that they are in possession of the property. Apart from this, the GPA was registered as document No.2691/2006 on 30.06.2006 at SRO, Chikkadpally, Hyderabad. Therefore, we are of the view that the sale has taken place only on 10.07.2006. Hence the Assessing Officer as well as the learned CIT(A) has rightly came to the conclusion that the assessee is entitled only for STCG. Hence, we do not find any infirmity in the order of Assessing Officer as well as the learned CIT(A). Hence this ground raised by the assessee is dismissed. 6. The second issue raised by the assessee is relating to claim of deduction u/s. 54 of the Act. 6.1 The ld. DR submitted that the assessee has claimed deduction u/s. 54 of the Act on purchase of residential property vide Agreement of Sale cum General Power of Attorney in the name of Smt. Shamim Begum, wife of the assessee and Mohammed Saleem vide document No.0605-2009 dt.13.03.2009 from Sri K. Satish Kumar admeasuring 185 sq. yards at Bharath Nagar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing from its transfer within a period of three years of its purchase or construction, as the case may be, the cost shall be reduced by the amount of the capital gain: 45[Provided that where the amount of the capital gain does not exceed two crore rupees, the assessee may, at his option, purchase or construct two residential houses in India, and where such option has been exercised,- (a) the provisions of this sub-section shall have effect as if for the words one residential house in India , the words two residential houses in India had been substituted; (b) any reference in this sub-section and sub-section (2) to new asset shall be construed as a reference to the two residential houses in India: Provided further that where during any assessment year, the assessee has exercised the option referred to in the first proviso, he shall not be subsequently entitled to exercise the option for the same or any other assessment year.] (2) The amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for ..... 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