Need Tax advice
I am into a strange situation and need your suggestion.Let me explain the situation. Back in Auguest 2013, I have planned to sell my second apartment (Not my dwelling one, more of a investment one, which I bought in Sept 2009 )purchase a bigger One. I enter into an intention to sell agreement in July 2013 with an NRI against and accept token advance. After ward I took Bank Loan and bought a new bigger apartment and took home loan.
However the sale was delay from buyer side and now in Aug 2015, buyer is ready to complete the transaction.
Now my intention is pay the Home loan amount which I took in Aug 2013 to buy the new apartment and put rest of the excess money(about 8 lakh) as fixed deposit. If I go ahead and do this, shall i be liable to pay Gain Tax. Also in Between I came to USA on April 2014 on Job deputation.
I know there are lot of complexity associated but if someone can advice how can I handle the tax related complexity then that will be highly appreciated.