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The ITAT held that an agreement to purchase cannot be considered a purchase deed u/s 54F for LTCG deduction. Citing Suraj Lamp case, it clarified SA/GPA/WILL transactions are not transfers. Possession alone does not establish title. As the sale deed was not executed, the exemption u/s 54F was denied as conditions were unmet. The CIT(A) and AO's decision was upheld, emphasizing the need for registered documents to fulfill statutory requirements for claiming exemptions. The appeal was dismissed due to non-compliance with legal provisions.
The ITAT held that an agreement to purchase cannot be considered a purchase deed u/s 54F for LTCG deduction. Citing Suraj Lamp case, it clarified SA/GPA/WILL transactions are not transfers. Possession alone does not establish title. As the sale deed was not executed, the exemption u/s 54F was denied as conditions were unmet. The CIT(A) and AO's decision was upheld, emphasizing the need for registered documents to fulfill statutory requirements for claiming exemptions. The appeal was dismissed due to non-compliance with legal provisions.
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