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Sanju (Consultant)     11 April 2013

Capital gain tax if possession not received

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



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