07 August 2010
how much time period is permissible to reuse the long term capital gains without paying any tax.
example : Mr X have sold a flat in July 2010 which he had purchase in May 2006 and recived gain. (1) Will Mr X have to pay income tax on long term capital gains in the year ending 31.3.2010, if Mr X use this gain for purchasing another flat after 31.3.2011. If not, how much time duration Mr X can reuse the capital gain for purchasing another flat. ( before it was 3 years).