Capital gains

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MAKARAND DAMLE (Querist)
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10 December 2014 ONE HOUSE PROPERTY IS ALREADY SOLD IN JAN 2014
ONE MORE WILL BE SOLD IN DEC 2014
CAPITAL GAINS FROM SALE OF FIRST PROPERTY PARKED IN CAPITAL GAINS ACCOUNT SCHEME

NOW AGAINST THESE TWO SALES PROPOSE TO INVEST IN ONE RESIDENTIAL PROPERTY
THE COST OF NEW PROPERTY WILL BE MORE THAN THE CAPITAL GAINS FROM SALE OF ABOVE 2 PROPERTIES

THE AGREEMENT AND REGN FOR NEW PROPERTY WILL BE IN DEC 2015, THE POSSESSION AND FINAL PAYMENT WILL BE BY DEC 2016.
THE AMT PAID BEFORE REGN WILL BE MORE THAN THE CAPITAL GAINS

WILL THIS ARRANGEMENT BE ELIGIBLE FOR DEDUCTION u/s 54 ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 December 2014 if full capital gain is ultilised to buy new property then yes

MAKARAND DAMLE

MAKARAND DAMLE (Querist)
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12 December 2014 BUT POSSESSION AND FINAL PAYMENT WILL BE AFTER 2 YEARS FROM SALE OF FIRST PROPERTY

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 December 2014 then you cannot get the benefit as the time limit is 2 years from sale of 1st property to save capital gain taxes.

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