Date of Property Acquisition for LTCG Deduction Set as Possession Date, Tribunal Rules on Section 54 Interpretation.

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....LTCG - deduction u/s 54 new residential premises - Relevance of date of possession or date of agreement - Regarding the determination of the date of acquisition for the new property, the Tribunal emphasized that the essence of the transaction should be considered. It noted that the appellants had acquired the right to purchase the property through an agreement while it was still under construction. Therefore, the Tribunal concluded that the date of possession, when the property became inhabitable, should be considered as the date of acquisition.....