SEC 54 - Date of Purchase in case the property is purchased 1 year before the Sale of Original Asset

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This discussion clarifies the crucial 'Date of Purchase' for a new residential property under Section 54, especially when bought a year before selling the original asset. Participants are debating whether the registered agreement of sale or the date of possession is considered the official purchase date for tax purposes. The prevailing view leans towards the date of the registered agreement of purchase.

sunil c

sunil c (Querist)
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22 February 2023 What will be considered as the Date of Purchase of the New Asset (Residential House) which is required to be purchased 1 year before the Sale of Original Asset (Residential House) as per the requirement of Section 54:

1) Date of Agreement of Sale.
OR
2) Date of Possession of the Flat.