kalmuth

Hello,

I have a 1.5 ground plot in a gated community. I am planning to sell the 1.5 ground and buy a 1 ground plot/house either in same community or a comparable community. The property was bought more than 5 years before so the sale profit is long term capital gain.

Here's my list of questions:

1. Since it is a long term capital gain the tax on profit is around 22%. What exactly is the tax benefit if I purchase another plot/house/flat from the sale proceeds?

2. What is the duration allowed for purchasing to avail the tax benefit?

3. If I sell the house by Dec 2009, Should I finish my purchase by end of fiscal year ie Mar 2010?

4. If additional time is allowed (2-3 years) what is the tax-filing/request for extension paperwork involved by end of this year (Mar 2010)?

5. If the sales proceeds used partially for buying a plot, can I reserve rest of the proceeds for constructing house in that plot? If so any time duration restriction before which I should finish the construction?

6. Is property exchange allowed? pros and cons?

7. Best place to get information on hiring an auditor experienced in real estate?

Thanks in advance.