Sale of an apartment which is not registered
Dipak
(Querist) 02 June 2012
This query is : Resolved
Dear Madam/Sir,
I have taken possession of an apartment in 2006. However the apartment (including all other apartments in the complex)has not been registered due to ongoing litigation between builder and landowner.
I need to sell this apartment so that I can use the funds to buy another apartment.
Questions:
1. How can I execute a sale ?
2. Can I avail the provisions of Capital Gains exemption in these circumstances ?
3. According to Capital Gains exemption scheme, I can utilize the capital gains for property purchased one year before the sale of current property. How does this work and how is this communicated to tax authorities ?
Many Thanks
Dipak
M.Sheik Mohammed Ali
(Expert) 02 June 2012
yes, you can buy new apartment, before make agreement engage a lawyer, they will help you.
Devajyoti Barman
(Expert) 02 June 2012
If the property is pending for registration for long then you should now take the step pf doing that by filing a case before the Consumer Forum.
ajay sethi
(Expert) 02 June 2012
if the dispute is between landowner and developer and your agreement for purchase of apartment is not registered it will be difficult for you to find abuyer for the said apartment .
you will have to make a distress sale .
you ought to move consumer forum against builder on account of deficency in service .for direction that builder be directed to complete registartion process and for compensation
Shonee Kapoor
(Expert) 20 June 2012
Move consumer court.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
