Submit in app purchase for review for first time

I am working on in app purchase. After submitting all the details in app purchase gives me status "Ready to Submit".

But the "Submit For Review" button is disabled in my app's in app purchase. This is giving me this warning

"Your first In-App Purchase must be submitted with a new app version. Select it from the app’s In-App Purchases section and click Submit."

I can't understand what to do. If anybody knows solution please help me. Thanks in advance.

If your application is in Waiting for review state then you can submit your IAP by rejecting current version & uploading new version.

Otherwise your IAP will be available once you upload a new version on iTunes Store.

"Your first In-App Purchase must be submitted with a new app version. Select it from the app’s In-App Purchases section and click Submit."

The meaning of above line is when you submit your app for review you need to select the IAPs from the application detail page. You will see In App Purchase section on Application detail page (Page on which description,Keywords,etc displaying). You need to select required IAP from that page & then need to submit your application again.

Let me know if you need anymore clarification for this.

In addition to what was said by Nilesh -

You must create your IAP from under the Features->In App Purchase. Then you must add a screenshot, so that the IAP says Ready to Submit.

Then from the Prepare for Submission page, the section titled InApp purchases shows up (otherwise it is hidden) and you can select your inapp purchase you just created.