Long term capital gain

Within 2 years from sale u can buy new house or if constructing time period is of 3 yrs. U have to show this gain in ur return. If u r not investing till d date of return, u have to deposit the gain in capital gain account scheme with designated banks.

You have to buy residential house property within 2 years from date of transfer or CONSTRUCT residential house property within 3 years from date of transfer.

As you mentioned the property is sold in May'13, hence you have to buy or construct residential property before the due date of filing Income Tax Return of this year i.e 31-July-2014. Otherwise you need to deposit the capital gain sum in "Capital Gain Ac scheme" with designated banks eg SBI. You can draw funds for said purpose (2/3 years) whenever you want to. But i will advice to take action before 31-July-2014 as you need to intimate to ITO the closure of Capital Gain Account at end.

Many thanks guys!

Can I buy the new residential property in partnership with my parents? Can they be co-owners in this property if they also contribute from their end? Would benefits with LTCG still hold good? Or does that arrangement make me liable to pay the tax?

Thanks!

It is advisable to deposit the money in capital gain account and use it to purchase another flat. 

The rule is to invest the long term capital gain amount from the LTCG computation in another property. You can put in your money to get a property having higher price than the LTCG. It is upto you. In any case, the LTCG liability shall be nil.

Yes, you can purchase the property in partnership with your parents... however, you would be getting tax exemption under section 54 only for your share in the new residential property.

Refer this article on : Long Term Capital Gains Exemption

SIR I HAVE CAPITAL GAIN  BUT DONT WANT TO INVEST IN ANY SCHEME AT A TIME I WANT  THIS PROFIT IN MY HAND WITH PAYING TAX SIR IF I BOOK A FLAT AND REST AMOUNT ARRANGE FROM FINANCE THEN  I WILL BE APPLICABLE FOR INCOME TAX BENEFIT