exemption of capital gain by investing in house

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2010 i claimed an exemption for long term capital gain by investing in house for construction. the house was almost completed (85%)with in three years. is there any impact for this for deemed capital gain ? please suggest

Aditya Maheshwari

Aditya Maheshwari (Expert)
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27 July 2010 The section reads construction must be completed by 3 years which has not been done.

Also u can take a possession letter from the builder within the 3 years period which could substantiate that construction was completed within 3 years.

If the ITO ever comes to know about it then only he would be able to tax it.