Mr Anonymous (goverment service) 18 September 2011
I have booked a flat under constrution in Aug 2010. Its being financed by a bank. Possession is likely to be in may 2012.
In some other transaction , I have earned Long term capital gains. To claim exemtion, I plan to invest in a residential property. The same is avialble only if I do not previously OWN a residential propery.
By booking a flat as given in para one, do I become Owner or not for Para two above?
Pl clarify.
Raj Kumar Makkad (Adv P & H High Court Chandigarh) 18 September 2011
Booking is not an ownership. Unil the flat is registered in your name, you do not become its owner so you can go ahead as planned.
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