I have sold my property after 36 months and the same has been reinvested / utilized recently for booking of new flat which will be constructed by 2011. My query is as under:
As per understanding with builder, I can request for cancellation of booking within 5-6 months if I am not satisfied with progress of construction and take back my money. In such a situation, can I go for purchase of other flat on resale. Will there be any tax liability on Long term capital gain reinvested and subsequently taken out for purchase of resale flat. Girish Kumar, Mumbai.
| NIFTY 
