GY Tel is a short period (0.446 d) eclipsing binary system of 12th magnitude showing a large difference(0.85 mag) in the depths of minima. The first UBV observations obtained at Bosque Alegre (Córdoba) and at CASLEO (San Juan) are presented. The light curves are covered by 400 observations. Eight photoelectric times of minima were determined and a period study was carried out. GY Tel is another near contact binary system with large thermal decoupling of special interest for the theories of evolution of near contact systems. A complete version of this paper will be published in Pub. Astron. Soc. of the Pacific.