I have sold my flat acquired in 1999 reently and plan to invest the LTC gains in another bigger house. But the property I intend to purchase is a an apartment in a multi storied residential building being constructed by a builder. I will make payments right away, but the apartment will be ready earliest by March 2011, when it will become mine. There is a chance of this event being beyond 2 years of the sale.
Will this property acquisition be considered out right purchase (2 yrs period for re-investment) or construction (3 years period for re-investment). In the latter case I am comfortable.
