https://www.taxtmi.com/caselaws?id=432921 For section 2(47) read with section 53A of the Transfer of Property Act, transfer by part performance requires possession and satisfaction of the contractual conditions; where the subject property is not yet in existence and possession is not delivered on the agreement date, the later conveyance date governs capital gains treatment. On the facts noted, the agreement dated 26.05.2011 did not constitute the date of transfer or acquisition because the first floor came into existence only after the occupation certificate, possession had not been given, and the conveyance deed was executed on 12.12.2012. The asset was therefore treated as acquired on 12.12.2012, with short-term capital asset treatment sustained and exemption under section 54 denied. en-us Fri, 13 Jan 2023 00:00:00 +0530 Tue, 17 Jan 2023 06:33:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432921 For section 2(47) read with section 53A of the Transfer of Property Act, transfer by part performance requires possession and satisfaction of the contractual conditions; where the subject property is not yet in existence and possession is not delivered on the agreement date, the later conveyance date governs capital gains treatment. On the facts noted, the agreement dated 26.05.2011 did not constitute the date of transfer or acquisition because the first floor came into existence only after the occupation certificate, possession had not been given, and the conveyance deed was executed on 12.12.2012. The asset was therefore treated as acquired on 12.12.2012, with short-term capital asset treatment sustained and exemption under section 54 denied. Case-Laws Income Tax Fri, 13 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432921