Property Rights Extinguished Upon Sale Deed Registration; LTCG Assessed in 2008-09, Not 2006-07; Affects Sec. 54 Exemption.

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....Computation of LTCG - extinguishment of the owner’s rights in the property - Transfer u/s 2(47) - year of assessment - claim of exemption u/s. 54 - the owner’s right to property ger extinguished on the date of registration of sale deed i.e., 19.07.2007 and the assessment of capital gain can only be made in assessment year 2008-09 and not in this assessment year 2006-07. - AT....