Dear Sirs,
In Feb,2013 I sold a res. flat gifted to me in july 2009 by my eldest brother in 27,50,000/-(stamp value 29.17 lac).I declared my capital gains as 27,50,000/- as the capital gains calculations were very complicated because the gifted flat was landowner's share of my brother who under a development agreement had given his land(purchased in 1979) for construction of multi storeyed apartment.
Anyway,I with my husband as co-applicant had booked a flat in Noida earlier in 2010 and had paid 40% of the demand money to the builder till date. From out of the sales proceeds I paid Rs 4 lac to the builder before July 31st 2013 directly from my bank a/c .I also transferred the remaining 23.5 lac in capital gains a/c before july 31st,2013.
My questions are
1)Will I get exemption u/s 54 for Rs 4 lac given to the builder directly?
2) Rs 3 lac will remain unutilised in the C.G. A/c after paying all the demands of the builder. So can I utilize the remaing amount in booking another flat and still get exemption under sec 54 for the second flat?
please respond quickly.
THANKS!

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