I have one property booked in Gurugram for which I have not got the possession. It was booked in 2009. The loan for the same has been paid and closed. In 2016, I purchased a property in name of me and wife and loan is there for the same. Now I want to sale the property of Gurugram (actually transfer as still not got the possession, payments complete to builder).
a) how the capital gain tax would be applicable.
b) Can the same be adjusted in second property which I purchased in Delhi (in 2016).
c) Please suggest best option in this scenario to save CG tax.
a) It will be applicable like other property capital gain tax.
c) To save tax, either you have to reinvest in property or invest in capital gain tax saving bonds.
One more question, I booked the flat in 2009 and getting possession in 2018. Now if I sell the same, what will be the capital gain tax and how it will be computed.
Can it be avoided considering I bought another property in 2016?