Overall Property Transaction Query:
Situation:
1) Flat – Purchased in September 2010. Loan taken ~25 Lakhs. Expected possession – Dec 2014
2) Plots – Purchased in March 2013. Loan taken – 45 Lakhs. Expected possession – April 2014
3) About to purchase ready to move flat. Loan ~1.25Cr
Question:
1) Since I bought flat more than 3 years back, when I sell it – will I have to pay Capital Gain taxes ? If yes, even if I use to money to repay 1.25 Cr loan on Ready to Move flat ?
2) Same questions as above for Plots (plots will be less than 3 years though)
3) I will be living in Ready to move property but I bought the other flat earlier. When the interest is to be used for tax exemption, will I be limiting to 1.5 lakhs for RTM flat also? How can i structure my finance better, in case I want to hold both the flats to get max interest benefit in long term
Assume affording the EMI is not an issue at this point. Look forward to knowing your response. Thanks