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Flat sold, but total amount not paid within 6 monts

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 December 2014 I have sold my old flat for Rs.50.00 Lacks, and I have booked new flat for Rs.70.00 Lacks.
I have paid only booking amount till date, and I will pay balance amount as per work complete,
it is necessary to pay Rs.50.00 lacks during six months to builder? if I pay balance amount after six months, then I need to pay I. Tax ?

Ninad Chalke
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
02 December 2014 u hve time of 2 years from date of sale of old flat to buy a new flat for getting the exemtpion from capital gain taxes.
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
03 December 2014 Dear Mr. Sampat correct yourself under section 54 assessee can buy new house property within a period one year before or "TWO YEAR AFTER" or three years for construction from the date transfer of residential house property.
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