Capital gain house property

Query-1: 1) As per section 54, will this "purchase of under construction flat" be considered in the 3 year construction category? Since the substantial part of the payment has been made by the allottee to the builder before I came into the picture and because I am not the original allottee...

That you are not the 'original' allottee is immaterial. This "purchase of under construction flat" can be claimed for consideration  in the 3 year construction category, provided you pay the full price within 3 years, and  as the allottee. The payment of Rs 95 lakhs should be properly documented, with yourself as the 'purchaser' of the flat about to be completed. There should be proper 'Sale Agreement' in your favour executed within the 3-year period.

Special care has to be taken in the documentation.

2. Is it necessary for me to get the property transferred in the records of the builder before the expiry of 24 months or since it is in construction category it could be later before the expiry of the 36 months...Since the property is in Gurgaon, the registration happens after completion only. 

You can claim that it is in 'construction category' thereby qualifying for the extended time limit of 36 months. but there should be proper other documents as advised in 1 above.

3.there is a possibility that the flat is not handed over even by Sept 2013 (elapse of 3 years after sale). I would have spent most of my entire capital gains on this. Is there an issue that the construction is not completed in 3 years

Doesn't matter, but you should have fully paid the price within the time limit,under correct documentation. 

4. the balance Rs. 5 (which is lying in CGAS of a nationalised bank) will become taxable in Sept 2013 or can  they be used to pay the builder's Rs.5 even after Sept 2013? 

It can be used before Sept 2013, to pay the price.

Mr. Rajagopalan, many thanks for your reply. 

The documentation that shall happen - 1) a notarised agreement to sell with the seller 2)  payment by draft to the allottee and receipt 3) endorsement in my favour on the flat-buyers agreement (to be done by the builder).

Is this enough? Please let me know.

With best regards

Puneet

Yes, these would be enough.

I had bought a property for 2 lakhs in 2001. Now i want to sell it and gift to my father which he will use for buying a property. The current value of the property is around 15 lakhs. 

Am I liable to pay capital gain tax considering that the money gifted to my father is used for buying property in his name?