long term capital gains
This query is : Resolved
07 August 2010
how much time period is permissible to reuse the long term capital gains without paying any tax.
example : Mr X have sold a flat in July 2010 which he had purchase in May 2006 and recived gain.
(1) Will Mr X have to pay income tax on long term capital gains in the year ending 31.3.2010, if Mr X use this gain for purchasing another flat after 31.3.2011.
If not, how much time duration Mr X can reuse the capital gain for purchasing another flat. ( before it was 3 years).
example : Mr X have sold a flat in July 2010 which he had purchase in May 2006 and recived gain.
(1) Will Mr X have to pay income tax on long term capital gains in the year ending 31.3.2010, if Mr X use this gain for purchasing another flat after 31.3.2011.
If not, how much time duration Mr X can reuse the capital gain for purchasing another flat. ( before it was 3 years).
CA Sanat Pyne
(Expert)
07 August 2010
FOR PURCHASE ONE YEAR BEFORE AND TWO YEAR AFTER.
FOR CONSTRUCTION
WITH ION THREE YEAR FROM THE DATE OF SALE.
BUT YOU HAVE TO DEPOSIT THE AMOUNT IN CGAS A/C
FOR CONSTRUCTION
WITH ION THREE YEAR FROM THE DATE OF SALE.
BUT YOU HAVE TO DEPOSIT THE AMOUNT IN CGAS A/C
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