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sir,
am an engineer. need some clarifications on following matter.
a. purchased a house in aug 2003 for Rs. 22lakhs
b. sold the same in apr 2008 for 43lakhs.
c. bought a new flat for a total cost of   Rs. 38 lakhs in a newly constructed building by a reputed corporate builder with date of allotment sept.2008. date of  scheduled possession jan 2012.
d.mistakenly  kept in FD sale amount in scheduled bank like HDFC.
e. been paying the instalments from this account. flat registered & stamp duty paid.
f. possession is delayed due to NOC and will be ready by dec2011. residual amount to be paid is Rs.4lakhs on final possession.

want to know the following
a. will i be allowed under long term capital gains.
b. will it be on the residual amount
c. what will be the tax liability.
d. will the entire sale amount will be added to my income for FY 2009-09.
e. how does IT officer will assess the whole case.
f. what will be the interest & penalty to be paid.
g. in case the demand is for higher amount, is there any merit in going for appeal say until tribunal.
h. is there any judgement to support the case.

highly confused

regards
pj

i am an engineer. i have a problem. request help.
facts
a. sold a house in 2008 for Rs.99lakhs, which was bought in 2003 for Rs.28lakhs
b. invested in new under construction flat in sept 2009 for Rs.63lakhs.
c. kept the sale proceeds in FD in HDFC bank. paid taxes on FD. still balance funds in FD. not utilised anywhere.
d. possession expected in dec 2011. delay from builder.
e. all payments done from FD.
f. payments done FY 2008-09 - Rs.12.5L, 2009-10 -Rs.23L, 2010-11 -Rs.12L.
g. filed return in july 2009. paid until return Rs.25L.
h. on hindsight now i realise the folly in not depositing in CAGS.
i. ATO allowing only until july 2009 of filing return & Rs.25L. rest added to income & LTCG.
j. is there any relief . would you advice to pay up or go on appeal.
k. if on appeal what is the basis. is there any judgement to support.
m. can i plead it as technical default under sect 119.

confused. kindly help.
regards
jagann