Hi !!
I own two flats on my name and planning to sell one of the flats which is currently let out (not self occupied).

The question is -
1. If I sell this flat now (July 2009), will it be Long term capital gain?

Key dates -
Date of Agreement/Registration is June 2006
Date of payment of 80-90% amount to builder - Feb 2007 (Loan check given to builder by the bank in Feb 2007)
Date of possession is March 2008

2. If I invest the money gained by selling one of these two flats and
purchase another one with that money, would I get exemption in tax?

3. To save tax, do I need to sell self occupied house only or even sell of non-self-occupied home is also o.k.?


Please answer all these queries.

Thanks & Rgds
Abhay

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