The longterm capital gain on flat invested in new under construction flat to claim exemption under sec 54 & builder issue an allotment letter today & payment are made in parts on different dates..
Now if I sell the new under construction flat after three years of letter of allotment then will the exemption claimed under sec54 will stay or not..
Sec54- you cannot sell the flat with three years of construction
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LTCG - SEC54
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Holding the flat for 3 years from the date of possession ensures that your Section 54 exemption remains valid, provided possession was obtained within 3 years of selling your original property. Selling the flat after 3 years from the allotment date—but before completing 3 years from actual possession—will result in the revocation of the exemption and tax liability as short-term capital gains.
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