Section 54

Have you found the FMV of land on 01.4.01 and then calculated capital gain.

Yours is a different situation as property was registered in June and final payment was also done in 2017 before one year and only possession was received within one year so it would be very difficult to show a nexus between such sale and purchase but there are case laws where date of possession has been considered as date of purchase and exemption has been claimed.

So you may try based on the case law but it's a tricky situation.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Hi

1. No.

2. The date of allotment is considered for the purpose of date of acquisition of new house property.

- In your case, it is construction of the property. In case of construction of the property, law says it should be completed within three years from the date of the transfer of the property. Construction can be started before the date of the transfer but it should be completed within three years from the date of the transfer. It may be subject to litigation.

- Date of registration.

Dear Sir,

Hope you are doing well !!

1. No, you can not take the benefit of exemption in the said scenario.

2.The starting date for the holding period also continues to be a matter of litigation because of different rulings from high courts and Income Tax (I-T) tribunals. The most common view, however, is that the date of allotment should be considered for determining the holding period rather than the date of possession.

But the allotment date can come in question, depending on the terms and conditions mentioned in the allotment letter. The seller needs to ensure that the terms of payments and the conditions laid down for sale can help him defend his position in front of tax authorities

Hello

1. It would be subject to litigation. One year's condition is for purchase of property while for construction it 3 years from the date fo sale of the old property. While your construction also completed before the sale of the old property.

2. In your case, it would be the date of allotment of the property. 

Regards,

CA Hunny Badlani

Hi

The seller should purchase a residential house either 1 year before the date of sale/transfer or 2 years after the date of sale/transfer. In case the seller is constructing a house, the seller has an extended time, ie. the seller will have to construct the residential house within 3 years from the date of sale/transfer.

Since you commenced the construction before time limit specified ,so not eligible for exemption .

Hope it helps