Buying property from Capital Gain from House Property :
As per Section 54 of income tax, the capital gain can be invested in another house under construction.
It is mentioned that new house should be purchased within two years or should be constructed within 3 years.
If a under-construction flat is booked then it will be treated as purchase or constuction? 2or 3 years period allowed ?
If the developer/construction firm agrees to give the possession within the stiputated period of 2/3 years, however could not complete the construction, even though he received full amount of the flat, then what are the tax implications ? Whether tax benefit under section 54 vanishes under such case ?
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