Mr.X has sold his house on 13/06/2013 and made a long term capital gain of Rs. 32 lakhs. Which he is invested in purchase of flat for which he paid Rs.32.5 lakhs before 31/07/2014 . The flat is still under construction and expected to be completed in December 2014.
1) Whether the assessee since paid the entire capital gain money before 31/07/2014. The exemption to be claimed this year ( Asst year 2014-15)
or since going to be registered next year ie during 2014-15 . He has to claim the exemption Asst year 2015-16.
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