I had sold my house in Jan. 2007 and kept the money required for reinvestment in a Nationalised Bank. Subsequently, I booked a house in an upcoming Project. Owing to various reasons, this new Project has just been launched in Oct 2008 with a promise to give possession by Oct 2010. I have following doubts in my mind: 1) Even if I get out of turn allotment in March 2010, do I get the advantage of investments as per IT regulations, if not what are the penelties. 2) Should I make down payments or continue to make payments as per construction linked payments till Oct 2010. 3) On account of delays in completion of Project, am I responsible for the default. Shall feel obliged for clarification. Regards, Mahendra
