Recently, I paid income tax for long term capital gain from sale of a property (Jan 2012).
But then, I heard, I can also invest the gains into another property. What is the time window one gets to invest long term capital gain to claim back the income tax? Should I pay income tax for long term gains first and then claim it back in subsequent years?
I recently built a farm house and spent about 2,80,000/-. I also plan to invest some money into farm development. Can I claim exemption of income tax for these investments during next assessment year (2013-14)? Quick info: Sold property in Jan 2012. Built farm house in July 2012. Plan to do farm development over period of next 6 months.