https://www.taxtmi.com/caselaws?id=66323 Section 54 exemption is construed liberally, and "purchase" is not confined to the date when legal title formally passes. Where a residential flat was acquired through an agreement within the statutory period and that transaction later crystallised into a registered conveyance, the agreement date was treated as the date of purchase. Substantial payment made after the period did not by itself defeat the exemption, because the provision does not require strict cash-and-carry completion or full consideration within that time. en-us Thu, 17 Jul 1986 00:00:00 +0530 Wed, 23 Feb 2011 15:44:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66323 Section 54 exemption is construed liberally, and "purchase" is not confined to the date when legal title formally passes. Where a residential flat was acquired through an agreement within the statutory period and that transaction later crystallised into a registered conveyance, the agreement date was treated as the date of purchase. Substantial payment made after the period did not by itself defeat the exemption, because the provision does not require strict cash-and-carry completion or full consideration within that time. Case-Laws Income Tax Thu, 17 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66323