The Section 54 of Income Tax aims at boosting investments in Housing and alleviating the tax burden of individuals when they sell one property to buy a bigger / better one. In today's scenario, when the properties are well outside common man's pocket size, new projects offer more amenities, buyers would tend to invest in new & under construction projects.

In metro cities, no decent project can get completed in three years.

The rule of buying within two years or constructing own house within 3 years is archaic and relates to a bygone era. It should be aligned to sensible time period and clarity of what minimum proofs are sufficient to avail this benefit.

Due to ambiguous rules, the genuine tax-payers get hassled with non-conforming demands and embroiled in litigation - adding to their woes. The assessing taxman assumes the worst intentions even in genuine and obvious cases. 

We need freedom from legislation and rules that is based on suspicions that every flat owner has a pot of cash hidden !!!