https://www.taxtmi.com/caselaws?id=181429 Section 54F exemption is unavailable where the asset transferred is not a long-term capital asset and the assessee also owned two residential houses at the relevant time; the tentative allotment did not amount to transfer or acquisition of the flats, and the claim failed. Indexation under section 48 runs from the year the capital asset is actually acquired or first held, so payments made before the purchase agreement for flats not yet in existence could not be used to claim an earlier indexation base. The commentary states that exemption was denied and prior indexation was not allowable. en-us Fri, 07 May 2010 00:00:00 +0530 Sat, 16 Apr 2016 17:04:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181429 Section 54F exemption is unavailable where the asset transferred is not a long-term capital asset and the assessee also owned two residential houses at the relevant time; the tentative allotment did not amount to transfer or acquisition of the flats, and the claim failed. Indexation under section 48 runs from the year the capital asset is actually acquired or first held, so payments made before the purchase agreement for flats not yet in existence could not be used to claim an earlier indexation base. The commentary states that exemption was denied and prior indexation was not allowable. Case-Laws Income Tax Fri, 07 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181429