Capital gain tax-property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2012 Dear Experts,
In case of a collaboration agreement with a builder, in which 4cr is paid in advance by the builder against which he gets the second floor(22.5% share according to the contract) out of the ground+3floors he will build at his cost.
-Can the 4cr be used to buy an apartment and get exemption from capital gain tax?
-When does the capital gain account needs to be opened,after the possession of the new building and the registry for the second floor to the builder,or after a year from when the 4cr was received?

-initially it was a 20yr old constructed house in defence colony
-under the joint name of husband and wife.

Thanks in advance