Long term capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2014 please guide me to thjis unique problem.
Recently my mother expired intestate.
She has a flat under her name which was transferred in her name by mutual consent of me and my brother 7 years back when my father expired.
Now i wish to purchase brother's share and be the owner of this property.
I wish to sell my investment in a almost complete apartment and pay my brother through the total proceeds.
1. Would this count as reinvestment for purpose of LTCG?(as my initial investment has appreciated)
2. If i do not take possession of my invested apartment and just transfer the same in another person thru builder. AND THEN pay of my brother.
Could you please guide me on the tax implications?
Thanks

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 October 2014 As you have not taken possession of the apartment and it is almost complete now only no LTCG can be claimed on it. You have to pay tax on the appreciation.