Query on Capital Gain Tax
I purchased Resale flat in Jan-2007.
Booked new under construction flat in Sep-2011 by taking home Loan.
Possession is not yet received.
Once I get the Possesion in Apr-2013, I will sell my first flat to repay my Home Loan.
Final disbursment to Builder happened in Feb-2013.
What are Capital gain Tax implications on sellling my first Flat.
I think, there should not be any Capital gain Tax, as I am repaying my home loan.
Also, please note, I can not sell first flat until I get the possession of new flat. otherwise where I will stay ?
Please address this query.
Thanks
Sanju
