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What recourse to avail for delay in possession?- Property Hotline
Posted
October 27, 2016
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October 27, 2016
8
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3:35Now PlayingExpert: Suresh Surana - Founder, RSM Astute Consulting
Question: I sold a property in 2013 and booked an under-construction property 3 years ago. The possession was expected in 2014. I haven't received the possession yet. The bank says that since it's been 3 years they can't keep the money in capital gains account. I am not earning any interest on it. What is the solution available for me, since it's the developer's mistake?
Answer: Courts have given the benefit of section 54 for the reasons beyond the control of the assesse where construction is not completed and the capital gains amount has been reinvested. No capital gains exemption in case where amount lying in CAGS and no actual investment made.
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