I bought a under construction property in october 2005 for 30 Lacs, for which i got the possession in march 2009, and i got it registerd in june 2009. I have repayed the home loan of this property.
I also want to buy another under construction property for Rs45 lacs for which i would get the possession in mar 2012. I'm also taking another home loan to repay for this property.
a) What are the tax implication if i sell my existing property in next six months and repay the new property home loan.
b) What is the tax implication if i sell my existing property in April 2012 and repay the new home loan in April 2012.
Is there any way i can save on income tax?
thanks
mayank