https://www.taxtmi.com/caselaws?id=66150 Section 54 exemption is construed liberally to advance its object, so "purchase" is not confined to the date legal title passes by registration. Where an agreement to buy a residential flat is entered into within the statutory period and the transaction later matures into a completed conveyance, the agreement date may be treated as the date of purchase. Delayed payment of the substantial consideration does not by itself defeat the claim, because section 54 does not require a cash-and-carry payment structure within the prescribed period. The distinction between ownership for charging provisions and the broader meaning of purchase for exemption provisions is emphasised. en-us Thu, 17 Jul 1986 00:00:00 +0530 Mon, 21 Feb 2011 17:55:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66150 Section 54 exemption is construed liberally to advance its object, so "purchase" is not confined to the date legal title passes by registration. Where an agreement to buy a residential flat is entered into within the statutory period and the transaction later matures into a completed conveyance, the agreement date may be treated as the date of purchase. Delayed payment of the substantial consideration does not by itself defeat the claim, because section 54 does not require a cash-and-carry payment structure within the prescribed period. The distinction between ownership for charging provisions and the broader meaning of purchase for exemption provisions is emphasised. Case-Laws Income Tax Thu, 17 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66150