Dear Manish,
I am purchasing Flat at Rs 54 lakh this month or next month. for which i have two plans.
i am selling my plot which i had purchased in 2007. i am selling it on approx value of Rs 25 L against purchase price of Rs 11.00L. remaining amount for flat i will be taking home loan and some from my investment.
i also have one more flat which i had purchased 8 years back at Rs 6.00L.
now my plan is also to sell my second flat next year and repay some home loan.
I can sell my flat in 2014 or 2015 at Rs 20 or Rs 22L
can you tell me if i can still avoid paying long term capital gain tax on sell of my old flat if i want to use that amount to repay some part of home loan?
also can i save entire capital gain on my land which anyway i am selling within two months?
Thanks, Sandeep