How to save capital gain on sale of house proerty

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amit surana (Querist)
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05 May 2012 A person had sold a house property which was in his name and their is other house property other that she sold in his name.

But their are two house properties in the name of Her husband.

she want to invest in Agri land of such sale proceeds.

So please tell how to save this capital gain tax

1.It it can saved by investing in other long term capital asset

2.Can it be save by investing in agricultural land.

3.Is their any other way to save to capital; gain tax.

Surrender

Surrender (Expert)
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06 May 2012 Generally capital gains from sale of house property have to be invested in residential house property within specified time from the date of sale of old property TO SAVE CG tax or invest such proceeds in Capital Gain Bonds