Deduction u/s 54

This query is : Resolved

Priya Joshi (Querist)
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30 November 2011 Facts of the case : Assessee sold gifted house property and claimed deduction u/s 54 and 54EC. While calculating cg, cost of acquisition was taken as 1 because cost to previous owner was not available. For Purchase of New HP, agreement was made one year before (Not within one year before the sale date) the date of sale of Hp. But got the possession in one year backward. Now the case is opened u/s 143(3). Property for which agreement was made one year before was under construction. During the one year before, it was constructed fully and assessee got the possession. Bank Loan was taken at the time of making the agreement for making payment to contractor. Later on, Loan was repaid with the sale proceeds of the HP
There are two issues :
1) Can deduction be claimed u/s54?
2) Can i argue on the point of COA which was taken as Rs.1. Can i revise the COA? Date for revised return has been lapsed.

Priya Joshi

Priya Joshi (Querist)
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30 November 2011 Kindly suggest a solution