capital gains

[aradhana rana]

I sold residential property in 2007. I booked a flat on downpayment in 2007 with a completion date in 2010 for the full amt.due under capital gains. I took long term capital gains exemption in IT Returns of 2007-08. Now the builder has given us a completion date of 2012. will it affect my capital gains exemption Aradhana

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[raji agg]

hi aradhana rana,


1. Case of allotment of flat under self financing scheme of DDA or
similar schemes of co-operative societies and other
institutions is treated as construction of house for exemption
under ca[pital gains.

2. Ur case may involve some complication. However there is a ray of
hope. I am giving reference of one case which may
help help u -
If substantial amount is paid in terms of purchase agreement
within the stipulated period, the exemption is
available even in possession is handed over after the stipulated
period. CIT vs R.L. Sood [2000] 108 TAXMAN 227
(DELHI)

i would advise u to consult a good local ca / tax expert who wld
advise u properly on getting full detials.

raji agg