28 September 2010
I HAD PURCHASED A PLOT IN FY 2004-05 AND SOLD THE SAME IN DEC 2009 AND PURCHASED(BOOKED)A FLAT ON RESALE FOR RS 48.00 LACS AND PAID TAX ON THE BALANCE AMOUNT FROM THE SALE CONSIDERATION WHICH WAS UTILIZED BY ME.NOW I WANT TO RESELL THIS FLAT IN OCT 2010 BUT BUY ANOTHER FLAT LATER. MY QUERIES ARE, FIRSTLY, BY WHEN(MONTH & YR) DO I NEED TO BUY(REINVEST) INTO THE NEXT RESIDENTIAL FLAT AS PER THE TAX RULES.SECONDLY, TILL THAT UPPER LIMIT OF TIME, CAN I USE THIS AMOUNT FOR TRADING OR ANY OTHER PERSONAL USE.OR IS IT MANDATORY THAT THIS AMOUNT ONCE RECEIVED FROM THE BUYER OF MY FLAT SHOULD GO STRAIGHT INTO MY ACCOUNT AND THAN THEREAFTER STRAIGHT INTO THE ACCOUNT OF THE SELLER OF THE NEXT FLAT TO ME WITHOUT ANY OTHER USAGE.THIRDLY, IF I WERE NOT TO REINVEST THE SALE CONSIDERATION FROM MY FLAT WHICH WOULD BE RS 50.00 LACS(PURCHASE PRICE RS 48.00 LACS AS MENTIONED ABOVE), THAN WHAT MORE TAX WOULD I HAVE TO PAY, IF ANY. I AM A SENIOR CITIZEN HOUSEWIFE WITH NO INCOME.
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