1) profit from the sale of a property is taxed under Short-Term Capital Gains when the resale of the property has been done in less than 3 years from the date of the original purchase of the property.
2) Date of purchase of the house for the purpose of claim-ing deduction u/s.54 would be the date on which the assessee takes possession of the house and not the date of registration of the sale deed. CIT v. R. L. Sood, (2000) 245 ITR 727 (Del.)
3) IT v. Shahzada Begum, (1988) 173 ITR 397 (AP); held date of taking possession of property is material and not the date of registration of sale deed for computing prescribed time limit
4) you would be required to hold the property for period of 3 years from date of taking possession to claim benefit of long term capital gains