15 March 2012
Sir, we bought the land in delhi some 20 years back in 1992 & constructed it 5 years back in 2007.Last year in march we sold it & bought new property(residential land) in june in delhi.Since i have to pay capital gain tax so how much time is left with me to pay it or for many months/years, there is no need to pay any tax for it?
17 March 2012
You should write full detail so that capital gain or loss can be ascertained. Suppose any gain is there then this gain should be invested before 1 year or after 2 year to date of transfer in a residential property. Meanwhile before the due date of return property is not finalized you have to keep in account for capital gain scheme 1988 or to be invested in specific infra bonds.
CAclubindia
