I already own a residential flat (co-owner with my father)
I had another property (co-owner with my wife) , I purchased it with the help of my parent's help (70:30 30% I paid), I sold it last year, and deposited money in capital tax gain account.
Now I am booking a fresh property with builder , possession date is 3 years from now. premiums will be paid as on-demand by builder within 3 years from now(May extend as a general market experience)
1. Can I book this new flat as co-owner with my wife or on own to avail benefit (Prop sold was co owner with my wife)?
2. Already I year passed opening the capital gain account
3. Can I book a property which need further 3 years to be built i.e. book a flat with builder?
4. I cannot pay all amount to builder as there is no down payment plan, Can I pay the installments as demanded by builder from capital tax gain account as and when required. But this would take around 4 years from opening the account to completely invest the amount? Can I still claim the benefit?
5. What is the process I should do now?
6. Is there a rule that If I already have one residential home, I cannot claim the benefit
Any help will be appreciated
Thanks in advance