Exemption under sec 54 income tax act

Ramesh Kumar Pandey (Querist) 25 April 2014 This query is : Resolved
Dear sir,

I Have Purchase a Flat through Lottery System in the year 2008 August 27th and Sold out to 31/08/2010 and getting a Capital Gain Rs. 2218340/- and then after I have purchase a Office Premises as per deed (Use as Residential Purpose ) Measuring 340.37 Sqft. on 28/03/2011 So, My qestion is Can I Avail the Exemption under section 54 of the Income Tax Act.1961?

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B.Chakrapani Warrier (Expert) 25 April 2014
Since you have not held the asset for more than 36 months, the gain on sale of that asset is 'short term' against which section 54 can't be availed.