Dear Sirs,
Request please guide me on the following:
The residentail property which i intend to dispose now (prior Mar'2013) would end up witha LTCG of around 50 lacs.
I have booked another residentail property (under construction) in Jan'10 for Rs.52 lacs, possesion would be by 1st week of Sep'2012. Since I would now take the possesion, would i be fulfilling the conditions of 'one year prior sale of property' OR since i have booked the property in Jan 2010 (which is over a year) I cant claim the benefits for LTCG purpose.
I have availed 80% loan for the new property, can i use to repay the laon to avoid taxes on LTCG alternatively can i invest in some other property.
Please advice, what would be the best course of action.
warm regards
CAclubindia
