Investment under capital gains

Hi All,

I am haing a query,.

The assessee has sold a property and also invested in the property to be developed by a big oompany..  The assessee has invested almost double the time of consideration in the purchase agreement.

The property developer is a big company developing a very big project comprising of many flats.

The builder has not finished construction yet. And the 3 years time limit is expired for investing in new property..

Wil the investment in the above property be allowed for exemption under sec 54...

 

 

Replies (1)

AO may allow the exemption to this assessee because the LTCG has already been invested in the property as required u/s 54, even if the construction is still under progress.

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