Dear Sir,
I need some clarifications regarding Long Term Capital Gain Tax. I sold some assets (other than residential house) which attracts LTCG tax. I will be purchasing a flat under construction for exemption. My queries are:
1) Since I will be purchasing a flat in a building under construction and not a plot, will it qualify for sec. 54 or sec. 54F?
2) If I make full payment now and have the sale deed registered in about 2 months' time, but the actual possession will only be given to me after 4 years - will this still qualify for tax exemption?
I would highly appreciate your reply on this matter.
