Dear Experts,
I am about to sell my apartment on Oct 2013.
My capital gain is around 9 Lakhs.
I have purchased a property in a different town on Jun 2011 but got possession on Feb 2013 (I have the possession letter mentioned same).
My questions are:
1.Am I eligible for Capital gain tax exception as I have got the possession within the time frame of 1 year prior to sale? Or does it depend on the sale deed date?
2. If I am eligible for this exemption what is the procedure of availing it? Whom i have to approach first?
3. What is the list of documents I should have to claim the exemption? I have notarized sale deed, possession letter and all the receipts of the payments done to the builder. Is this enough?
4. When I sale a property do i need to first open a Capital gain account before taking the payment?
5.Can i open it with any bank?
Thanks to all of you in advance. Hope to get proper advice on my queries.
Regards
Anasua
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