https://www.taxtmi.com/caselaws?id=120500 An aborted bona fide agreement to purchase a residential property, terminated and fully refunded because the asset was defective, does not constitute a "purchase" for purposes of section 54F(1), and its cancellation does not amount to a "transfer" under section 54F(3), thereby avoiding lock-in disqualification. Bona fide payment of capital gains to a seller before the return filing date, which physically precluded deposit in the Capital Gains Account Scheme and was later refunded and reinvested, will not automatically defeat exemption under section 54F(4). Acquisition of entitlement to an under-construction flat by purchase of a block of shares is treated as investment in construction attracting the three-year period, and such substantial reinvestment within three years satisfies temporal and substantiality requirements for exemption. en-us Tue, 24 Jun 2008 00:00:00 +0530 Wed, 12 Jun 2013 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120500 An aborted bona fide agreement to purchase a residential property, terminated and fully refunded because the asset was defective, does not constitute a "purchase" for purposes of section 54F(1), and its cancellation does not amount to a "transfer" under section 54F(3), thereby avoiding lock-in disqualification. Bona fide payment of capital gains to a seller before the return filing date, which physically precluded deposit in the Capital Gains Account Scheme and was later refunded and reinvested, will not automatically defeat exemption under section 54F(4). Acquisition of entitlement to an under-construction flat by purchase of a block of shares is treated as investment in construction attracting the three-year period, and such substantial reinvestment within three years satisfies temporal and substantiality requirements for exemption. Case-Laws Income Tax Tue, 24 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120500