Assessee sold a property and invested capital gain for purchasing an agricultural land which was to be converted into non-agricultural land by developer/builder and assessee was entitled to receive a built up house property from builder. Assessee had  paid builder for new house property before filing return  and  claimed exemption under section 54  of the Act.  Assessing Officer denied exemption on ground that new residential house was registered in name of assessee beyond stipulated period of 2 years as per provisions of section 54 of the Act. CIT(A) affirmed the order of the Assessing Officer.  On appeal the Tribunal held that  since the  assessee had paid to developer to acquire new house property within specified time, assessee was eligible to claim exemption under section 54 even if new house property was registered in his name later as new house was eventually acquired out of same capital gains.  (AY. 2015-16 )