Sir,
I own two flats, first one purchased in 2003 and the second one in 2009. I have got possession of second flat in 2010, but the OC from corporation for the building was obtained only in 2015.
Please clarify :
(1) The period of possession of second flat, will it be counted from 2010 or from 2015 for the purpose of
computing Long Term Capital Gain Tax ?
(2) Can I sell both the flats and invest the capital gain in single flat with out having any LTCG Tax ?
(3) Can I use the Principal amount of the sale procees for any use as I wish OR gift it to children
for buying property with out any Tax implication ?
Thanks
Mathew
