My father had executed a settlement deed to settle a residential vacant plot in my name in June 2012. My father had inherited this from his father through a settlement deed executed in the year 2000. I've now sold the plot to another person this month. I am also buying a flat from the proceeds of the sale. I also already own an independent house from 2010. Following are my queries related to Long Term Capital Gains tax in this scenario:
1. What are the exemptions and deductions I am eligible for while computing LTCG tax?
2. Should my LTCG Tax be computed at 20% of Full value of sale consideration - indexed cost of acquisition - (any cost of transfer and improvement)? Or am I entitled to consider the investment I am making in a new flat as a deduction?
3. Also I am assuming that I have time until 31-July-2013 to pay the LTCG Tax? Is that right?
I would be much obliged for an expert answer to these queries!