One of our client have sold home in AY 2012-13 and invested money in another flat, he has given money for bookings. Now today his deal got cancelled.
SO what would be impact ???
If he purchases another home then deduction under section 54 is available or not ??
This is genuine case but as i interpreted the law , as per my view no deduction will be allowed and he have to pay tax on capital gain on which earlier deduction has been taken.
Please guide me.
Thanking you in advance.
If query is not understandable manner, then i will re write it. But please give reply experts.