I propose to sell in May or June 2008 a vacant residential plot purchased by me in 1983. Will I be required to pay income tax if I buy a flat in April 2008 itself , that is before the actual sale of the vacant plot. Or am I to wait till I sell the vacant plot and only then I can go in for buying a new flat.If I propose to buy a new residential plot , will I get tax relief.Please enlighten me in detail on this including the tax component.
