https://www.taxtmi.com/caselaws?id=59129 For section 54(1) exemption, a flat in a co-operative housing society is treated as acquired when it is actually allotted and possession is obtained after completion of construction, not merely when the assessee becomes a member or holds society shares. On the stated facts, the new flat was found to have been acquired on 1-4-1975, which was within one year before the transfer of the old flat on 1-9-1975. The capital gains exemption under section 54(1) was therefore available, and the capital gains computation had to be revised accordingly. en-us Tue, 26 Apr 1988 00:00:00 +0530 Sat, 25 Dec 2010 11:55:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59129 For section 54(1) exemption, a flat in a co-operative housing society is treated as acquired when it is actually allotted and possession is obtained after completion of construction, not merely when the assessee becomes a member or holds society shares. On the stated facts, the new flat was found to have been acquired on 1-4-1975, which was within one year before the transfer of the old flat on 1-9-1975. The capital gains exemption under section 54(1) was therefore available, and the capital gains computation had to be revised accordingly. Case-Laws Income Tax Tue, 26 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59129