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Property capital gain reinvestment into u/construction flat

This query is : Resolved 
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(Querist)
21 December 2012 Hi
I opened Long term Capital Gain a/c for making payments for under construction Flat . I will utilize this money fully for making payments to builder within 2.5 years of selling old flat but I will not be getting possession of new flat within 3 years of selling old flat ( Structure of new flat will be ready but not finished & hence no possession offered by builder ) . Now my question is
How it will be reflected in my IT return ? Will IT dept ask for possession certificate ? Will it b considered as reinvestment into new property as I will not b getting possession in 3 years ?

Please help...
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Soumitra Basu

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Soumitra Basu (Expert)
22 December 2012 it will be considered as investment u/s.54/54f despite the fact that you did not get the possession.
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