How to set off Capital Gain out of Sale of Property

capital gain in this case

38*632(for f/y 2009-10)/447(for f/y 2002-03)

30000000-5372700=24627300

divide it in 1:2

exemption can be claimed by purchasing house simuntaneously by both or individually

till the purchase of new house You have to deposit unutilised amount in capital gain a/c scheME

IF U WANT TO SAVE TAX ON CAPITAL GAIN

&tHE CAPITAL GAIN MAY VARY IF UR IF UR WHOLE REPAIRING WAS NOT IN THE SAME PY OF PURCHASE

Exemption can be claimed by purchasing house (there is no restiction in purchasing no of houses) and the AMOUNT Should be deposited under Capitl Gain Scheme Account A/c till the Purchase of New house

Dear Sir,

Thanks for the wonderful write up. I have a confusion. Let me give an example to better describe the scenario. Appreciate your kind help in this regard.
1) Flat 1 under construction purchased on Aug 2005. Home loan taken.
2) Flat 1 completed in the year 2008. Loan continues.
3) Loan for Flat 1 foreclosed in the year 2011.
4) Planning to purchase another under construction property in 2012. (now) Under new home loan.
5) Expected date of handover of flat 2 is on year from now. Aug / Sep 2013.
6) I'll consider sell of Flat 1 after getting possession of Flat 2.

I understand that the sell of Flat 1 will result in capital gain. My questions are as follows.

As I am going for a home loan for flat 2, can I set off the capital gain arising out of sell of Flat 1. I'll reduce the loan amount by the capital gain arising out of sell of Flat 1. Please note that the buying price of flat 2 is much higher than the capital gain arising out of flat 1, in fact it is higher than the expected whole sell price.

What will be considered as buy date for the flat 2? The date of agreement of sale with the builder or date of registration of said property? In my case I am paying the majority of the price to the builder for flat 2 now, but I'll get hold of that flat after one year. I don't have to pay full price of the flat now. I have to pay 86% now and rest at the time of handover / registration. I can plan for sale of flat 1 only after I get the flat 2, which can not be within one year from now.

Thanks in advance.
Raman.