Ltcg and benefit under sec 54

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 October 2012 A owned an old house for which he entered in to an agreement with a developer and got a 3 story house built in its place. Consideration was Rs 70 lakhs plus one flat, cost of which was determined at Rs 20 lakhs. The LTCG was calculated at Rs 60 lakhs ( Total consideration 90 lakhs less indexed cost of 30 lakhs.) A paid 20 % of this ( Rs 12 lakhs) as self assessment tax and filed ITR in July 2012
I think he could avail benefit of sec 54 in respect of the flat that he got as part of consideration (Rs 20 lakhs) thereby reducing LTCG to Rs 40 lakhs and he should file a revised return and claim refund of Rs 4 lakhs. Please confirm if I am right and this procedure will be correct.