Pl. note that I have sold a residential plot which is jointly owned with my wife. We both are working & tax payers.
Last year we jointly purchased a Flat and we have to pay the instalments for next 3 years. As per Section 54F one can invest in property which have purchased 1 year before. We want to invest our long term capital gain of plot by paying instalments of our Flat to save tax on capital gain.
My query is: for calculating 1 year which is considered either Allotment letter of flat or Buyer-seller agreement.
(Because our Flat allotment letter is more than 1 year old but buyer-seller agreement is less than 1 year old. We are not eligible as per allotment letter.)
Please advise.
CAclubindia
