Dear Sir,
I have purchased an under construction residential property in Jan 2010 for 50 lakhs (agreement signed same time). I intend to sell this property (possession not yet given) for 80 L and intend to use this amount to purchase another residential property within one year. Please advice whether the 30 Lakh profit earned from sale of first property is taxable under long term capital gains ?
Regards
Aravind Narayanam