Yes, self-study is possible for Direct Tax Law paper. Time period could vary from person to person, if you are starting from scratch then a couple of time reading and revision may be required. Since you have ample time for your May 2016 attempt, devote reasonable time as the portions are too vast.
Since, you have time you can opt buying Vinod Gupta Modules and start the preparation at the earliest without procrastinating.
All the very best for your preparation.
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