Assessee sold her immovable property and earned long term capital gain. The assessee has also entered into an new agreement to purchase the new residential flat vide agreement to sell and made periodic payment in instalments. Possession of flat was received within period of 3years after date of sale on which capital gain had accrued. Assessee claimed exemption under section 54.  The AO denied the  exemption u/s 54 on the ground that the assessee did not purchase the new asset against this sale within one year before. i.e  11.11.2014 till 11.11.2011.  On appeal the Tribunal held that the assessee had a window up to 11.11.2014 to construct house property. The assessee  has received the possession of  the  flat  on 23 -4 -2012   which is  within three  years after the date of the sale , hence eligible  for exemption ( AY. 2012 -13 )