https://www.taxtmi.com/caselaws?id=65841 Section 54 exemption is available where an assessee purchases a qualifying residential flat within the prescribed period, pays the consideration, and takes possession in time. The text treats the transaction as a transfer in part performance under section 2(47)(v) read with section 53A of the Transfer of Property Act, and states that the cost of the new house having absorbed the capital gain, the whole gain was effectively applied to the residential acquisition. On that footing, deposit under section 54(2) was said to be unnecessary, because the provision requires acquisition of the new house within the stipulated period rather than insistence on using the original sale proceeds. en-us Wed, 18 Apr 2001 00:00:00 +0530 Fri, 18 Feb 2011 18:50:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65841 Section 54 exemption is available where an assessee purchases a qualifying residential flat within the prescribed period, pays the consideration, and takes possession in time. The text treats the transaction as a transfer in part performance under section 2(47)(v) read with section 53A of the Transfer of Property Act, and states that the cost of the new house having absorbed the capital gain, the whole gain was effectively applied to the residential acquisition. On that footing, deposit under section 54(2) was said to be unnecessary, because the provision requires acquisition of the new house within the stipulated period rather than insistence on using the original sale proceeds. Case-Laws Income Tax Wed, 18 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65841