Finance head
                
                   681 Points
                   Joined December 2012
                
               
			  
			  
             
            
             Hi,
The benefit is available to an individual and huf
If you are planning to build a new house, the constuction has to be completed within 3 years from the sale of property
Buying an under construction property is alos eligible for tax deduction provided the construction is completed within 3 years
so in your case if you can not construct a house you have to pay the capital gain on 16.50 lacs