Hello,
I had booked a flat 6 years ago in 2009 for which construction is stalled and there is no hope of getting possession in the near future as the builder has many such stalled projects. I have paid close to 95% of the total sale price for this flat, and currently have no outstandings. I am trying to sell this incomplete flat and wanted to understand the Capital Gains implications. I booked another flat, in another city, in the year 2014, and am making construction linked payments for this second flat.
Now if I sell the first flat in the year 2016, and invest the sale proceeds in the second flat, then can I claim Capital Gains exemption? I have incurred expenses for the first flat in the form of lawyers fees etc as I have filed case against the builder in National Consumer Disputes Redressal Forum. In addition there has been loss in interest income, as my money is blocked in the first flat.
Would be grateful if some advice is given.
Thanks
CAclubindia
