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
