Captial gains - determination of effective date for computin

Respected Members,

The Assessee bought a piece of land for Rs. 14 lacs and made the entire payment by 30th March, 2006 by which date he had the possession of the said land. However, he got the land registered only on 26th June 2006. 

Now my question is, should FY 2005-06 be considered as the year of acquisition as the entire payment was made & possession received within the FY 2005-06

or should FY 2006-07 be taken as the year of acquisition as the sale deed was registered in such FY. 

Thanks in advance.