54F

u/s 54F - Exemption from the capital gains arising out from transfer of capital gains other the residential house .
In this case the assessee has claimed the deduction before two yrs for "X" amount. Then he had entered in to a construction agreement with a flat promoter and paid the substantial amount also. The three yeara time will be expired in the forthcoming March 2011.It is expected that the construction will not be completed for next one year. The reason for delay is due to the ongoing problems between Builders and various government agency. 
In this case where the assessee fulfills the conditions u/s 54F by making the substantial payments while entering the construction contract will be enough (or) failure in completion of the contruction will result deemed income of the assessee.

Thanks in advance