long term capital gains

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Hashim (Querist)
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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).

CA Sanat Pyne

CA Sanat Pyne (Expert)
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07 August 2010 FOR PURCHASE ONE YEAR BEFORE AND TWO YEAR AFTER.

FOR CONSTRUCTION
WITH ION THREE YEAR FROM THE DATE OF SALE.

BUT YOU HAVE TO DEPOSIT THE AMOUNT IN CGAS A/C