Old flat sold on 5/5/2016.
Capital gain of Rs. 60 lacs deposited in CGAS account on 20/07/2017, well before the return filing due date.
Out of that 60 lacs in CGAS a/c, after deducting 1% TDS of 60,000,
59.4 lacs has been paid to the Seller through demand draft dated 3/5/2018.
Price of new flat - 60 lacs. But the new flat sale deed executed on 3/5/2018 but registered on 10/5/2018.
So registration is after the expiry of 2 yrs. from 5/5/2016.
No previous registered sale agreement. But have an unregistered sale agreement, executed on 100 rupees stamp paper dated 3/5/2018 confirming the receipt of the amount of 59.4 lacs from the Seller.
This is not an under-construction property.
Deduction under section 54 available?
5/5/2016 + 2 yrs = 5/5/2018. But money in CGAS a/c has been utilized by 3/5/2018 for purchase.
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