An Individual Purchased a property on 21/05/1974 for Rs 8,500. On 14/02/2017, he sold the property for Rs 90,00,000 but no payment is received yet i.e. registry is already done but payment is not yet received. since the payment is not received, the amount is not invested or transfered to Capital Gain Investment Account. Though he wants to construct a new house by investing the same for claiming deduction u/sec 54. Since property is already sold, so it is taxable under head Capital Gain for FY 16-17
Now whether he can claim deduction of sec 54 of Income Tax Act? OR
Any other Section where deduction can be claimed?
What is the best way to save tax in this case?
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