https://www.taxtmi.com/caselaws?id=419395 For section 54 exemption, an under-construction flat booked under an agreement for sale was treated in substance as purchased on the date possession was obtained, because title did not pass immediately and the purchaser entered initially only as a licensee. The real character of the transaction prevailed over its form, and substantial pre-possession payment supported that view. As the possession date fell within the statutory time period from transfer of the original residential property, the exemption was available. The fact that the purchase consideration was funded through repayment of housing loan instalments was held irrelevant to entitlement under section 54. en-us Tue, 08 Mar 2022 00:00:00 +0530 Fri, 13 Mar 2026 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419395 For section 54 exemption, an under-construction flat booked under an agreement for sale was treated in substance as purchased on the date possession was obtained, because title did not pass immediately and the purchaser entered initially only as a licensee. The real character of the transaction prevailed over its form, and substantial pre-possession payment supported that view. As the possession date fell within the statutory time period from transfer of the original residential property, the exemption was available. The fact that the purchase consideration was funded through repayment of housing loan instalments was held irrelevant to entitlement under section 54. Case-Laws Income Tax Tue, 08 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419395