The assessee in the present case has sold a property on 24.05.2006, and paid Rs. 6400000 out of the sale consideration received as deposit to a Builder for construction of another residential house. the same amount has also been taken as exemption u/s 54F.
The builder however has not yet (as on 09.02.2009) built the said house.
I would like to know if and when the amount will become taxable?...will the assessment of the year in which capital gains accrued be reopened?..or will it be taxable in the year of expiry of the term given in the Sec 54F.?
CAclubindia
