Dear Taxperts and lawyers
Suppose if there is a flat which is for more than 3 yrs in the book of accounts later it was sold
Now it falls under Long term Capital Gains Later on I buy another flat (which settles previous flats gain but it is more costly therefore it is only booked for which allotment letter is given ) within one year
the flat is there in my book for 1 yrs and that the new flat bought is mentioned in IT return filing
but after 1 yr I am unable to pay the entire proceeds required to buy the new flat builder says he will sell it to other party and that allotment letter stands cancelled
My question is
1 What will be the Tax implication in such a situation
2 Will I continue to get d time frame 3 yrs from the sale of old flat
3 If I sell the new flat or surrender the new flat builder under distress and if there is no capital gain will i still be entitled to short term capital gain