Query on Capital Gains

No jointly held property can be disposed and claimed benefit under section 54F of the Income tax Act by way of investing individually in case of a residential house, kindly refer the section 54F which reads as follows:

54F. (1) ⁸⁸[Subject to the provisions of sub-section (4), where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereafter in this section referred to as the original asset)......................

so if the property is a residential house then benefit cannot be claimed.

Dear Sir

I have a question regarding the date of purchase for a cooperative society appartment to calculate capital gain . Is it from the date of possesion or from the date of receiving the share certificate or receipts of payment made because in my case the payment was made in 2003 and the appartment was ready in 2005 but the possession happened in Oct 2008. If I sell the appartment , will I be subject to short term capital gain or can I take the benefit of long term capital gain .

Pls help

Your query answered in another post.