A house which was purchased in the FY 1991-92 was sold in the FY 2010-11. The property was sold in May 2011 and two apartments were purchased in the same month. I am an individual tax payer.
1. What is the last date for filing Tax Return ?
2. Is it in order to purchase two residetial properties by selling one property to save Capital Gains Tax? What are the implications in terms of Long term Capital Gains tax provisions.
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