I purchased an apartment (under construction) in March 12 (last month) with a price of around 40 Lacs and the possession is going to be likely by end 2012. Before possession, I probably may sell the property by August and will get around 50 Lacs in resale. Can I still avoid the STCG tax liability of 30 percent if I in case, with these 50 Lacs amount, would go for another investment of under construction linked plan apartment within a month of selling. Please guide me in order to avoid or minimise my tax liability on STCG except buying the bonds.
CAclubindia
