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Thanks Shoba ji & Ashutosh ji for helping me . I need references of such cases as backup ...

I must say this is one of the best forum on IT to find solutions for complex cases..

Sir, what will be the state of construction in July 2014. Will it be habitable? What about the OC? Will it have been applied for/ granted?

I remember there is a judgement that if the assessee has done his part of the bargain but the flat is not complete owing to some technical issues from the builder's part, then the assessee cannot be penalized. I'll post that judgement soon.

This flat is from Unitech  . Structure may be ready but plaster / flooring / white wash may not be there . Moreover i would have paid more than 80% of flat cost in next one year . Flat will be delayed by builder by 3 to 4 years due to builder's poor financial condition.

I sold my Flat in Aug 2011 & Gain from this is Long Term . I bought (in resale ) under construction flat in Oct 2011 & agreed possession in builder buyer agreement is Sept 2012 .

My question is if possession is delayed beyond July 2014 ( that is 3 years after sale of old flat ) than what will be my liability ?

I will be paying 100% of LTCG  to builder before July 2014 but for sure builder will not offer possession .
8)