An assessee has sold his residential flat (held for more than 3 years).The sale proceeds are received part in F Y 2010-11 and the part will be received in F Y 2011-12. I want to know in which year will the assessee be liable for LTCG. He has purchased a new flat but will make the payment for the same in the F Y 2011-12 but before 31.07.11.
16 March 2011
In FY 2010-11 fully taxable subject to other exemptions available u/s 54. As full facts with dates are not available hence refer dates carefully.
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