CITATION: S. 54: The date of "purchase" of the new residential house is the date when the assessee receives possession and not the date of the agreement of purchase (i) We find that the assessee has sold his flat for consideration of Rs.55 lacs on 24.02.2010 and this resulted into Long term capital gains of Rs.50,94,568/- after claiming indexation of cost of acquisition. The assessee claimed deduction u/s. 54 of the Act in respect to which he entered into an agreement for purchase of Flat with M/s. Sharpmind Developers on 28.12.2007. The relevant events relating to the transaction reads as under: Date of Purchase Agreement of under construction flat 28.12.2007 Date of Registration 28.02.2008 Date of Payment Rs. 9.35 L FY 07-08 Rs.10 L FY 08-09 Rs.10.71 L FY 09-10 Date of O/C 31.03.2009 Date of possession 11.09.2009 (ii) Before us the learned counsel for the assessee argued that the assessee entered into an agreement with M/s. Sharpmind Developers on ...