21 December 2012
Hi I opened Long term Capital Gain a/c for making payments for under construction Flat . I will utilize this money fully for making payments to builder within 2.5 years of selling old flat but I will not be getting possession of new flat within 3 years of selling old flat ( Structure of new flat will be ready but not finished & hence no possession offered by builder ) . Now my question is How it will be reflected in my IT return ? Will IT dept ask for possession certificate ? Will it b considered as reinvestment into new property as I will not b getting possession in 3 years ?
CAclubindia
