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As per section 54 of the Income Tax Act, 1961 acquisition of new flat in an apartment under construction shall be considered as construction and not purchase. The date of commencement of construction is not relevant for the purpose of section 54. However, it is irrelevant to conclude the construction has commenced prior to the date of transfer of the old asset. Further, if the construction work is completed within 3 years from the date of transfer this exemption will be available.
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