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Deduction u/s 54 of the it act

This query is : Resolved 
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(Querist)
15 July 2013
A house property in Pune is sold by a Person of Indian Origin for a LTCG of Rs 38 lakhs and Sale deed thereof is registered in April 2013.

Another house property was purchased by him in Mangalore for 40 lakhs, but payment of 35 lakhs was already made before March 2012 (more than 1 year before the sale of the Pune house) and bal 5 lakhs was paid in May 2013 at the time of registration of the purchase deed of the Mangalore house.

Will deduction U/S 54 be allowed and to what extent?
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
18 April 2017 Very old query need to be closed now
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