Ltcg - selling old property & buying under-construction flat

Hello,

 

I have sold a flat, which I held for about 6 years now. In terms of the Long term capital gains tax, please could you tell me:

 

1. In how much time do I need to purchase the new property after selling the old one? Some articles list this as 1 year while some say 2 years, which one is correct?

 

2. Most importantly, if I book a new under-construction flat with full downpayment (using the entire proceeds I have received from the earlier sale), but the flat possession will be received only 4 years from now, does it meet the requirement of IT authorities for taking the LTCG benefit? Basically, does the 1 or 2 year timeline in point 1 refers to physical possession of that property within this time or just the fact that all the proceeds have been invested into another property?

 

3. The flat I sold was jointly owned with my father and brother. So can each of us invest our own respective share of capital gain proceeds to buy different individual flat for each one of us? So 3 flats in all.

 

4. My father has one more flat in addition to the one which we sold. Can he still claim exemption under section 54 if he invests that capital gain amount in a new flat?

 

Thanks and please let me know.

 

Best,

Narayan