I have sold a property in 2011 and there was a capital gain of 15 lacs which I have claimed during that year.In July 2011 I have opened the capital gain account and deposited the money into that account.I have bought an apartment in July 2012 in resale from a person in installment plan who booked the same with the builder in August 2011(allotment letter). I have closed the account in 2013 for paying one installment to the builder.As per the builder buyer agreement he was suppose to give possession in 2015 which is not given till today.It has been more than 3 1/2 years, I am holding this property and possession is expected in august or september '16.I want to know the tax implications if I sell the property before taking the possession? Is it compulsory to take the possession in this case? what are the tax implication towards my capital gain ? Will the duration counted when the money was parked in the capital gains account(1/1/2 year) ?
CAclubindia
