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Investment of long term capital gain in house

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This query is : Resolved

ashok kumar jain (Querist)

17 February 2013 i sold land and earned long term capital gain. i invested whole amount of sale proceeds of land in residential house booked with builder. as per rules the possession of residential property in which long term capital gain has been invested should be taken within 3 yrs of sale of property . what will be consequences if builder is unable to give possession of residential house within 3 yrs although whole amount of sale proceeds was paid to builder within 6 months of sale.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

17 February 2013 You have met with your obligations as per law and are entitled fro exemption.
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Uncertainty- can be defined in other way also- May you get it completed earlier than you think.
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As you have prudently applied your money knowing that you will sooner or later , get a house, it's sufficient compliance.
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There is no negative consequence as regards exemption enjoyed by you.
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