Long term capital gain

Chinese Chef (Others) (49 Points)

18 August 2013  


I sold off my apartment in May 2013. This apartment was bought and registered in September 2009. Luckily, this gets categorized in Long term capital gain.


I'm now planning to buy a new apartment. It's been over 2.5 months since I moved out to a rented apartment and have started searching for the new one to buy.


What I want to know is - how much time do I've at my hands to make the purchase of new apartment before I become liable to pay the tax under LTCG? Secondly, do I need to make any declaration with any public authority or income tax department that such a transaction under LCTG was made? If yes, what's the procedure?


Kindly help me with your expert advises.