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Exemption u/s. 54f

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(Querist)
30 July 2015 We have sold Non-agriculture Plot of Land on 20/10/2014.

Before that on 01/08/2013 we have given advance to builder for purchase of Flat.

The possession of Flat is received on 19/08/2014.

Can i claim exemption u/s. 54F, as possession of new purchased flat is received " 1 Year before the date of Sale of Land "??

What is important here ->"Date of advance given" or "Date of Possession of new flat"??

We have paid advance more than 1 year before the Sale took place, but possession is received within 1 year before of sale...
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 July 2015 You have paid advance more than one year and entered in to purchase agreement by then so 54f exemption not available.

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