Capital gains tax

Querist : Anonymous (Querist) 14 November 2011 This query is : Resolved
We are two brothers and have inherited our father's house property after his death. We have entered in a development agreement with a builder who will give us two floors and keep two floors and some cash.
We have two queries:-
1. If we invest the cash component in purchase of another house property will that be covered under section 54 of Income Tax?
2.According to the agreement it would take the builder approx. 15 months for completion of the present house which is being converted in flats. Can we buy another deviling unit now or it has to be within 12 months of the date of the builder's completion of our developed house?
Please advise

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