Income generated from selling ancestral land,how to save tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 December 2015 Sir,

I have long time capital gain by selling a land for Rs 1crore ,now i want to how to deal with that money as i am in no mood to give tax right now.I have think to build my own house or to purchase a another land in future.

So please advice me.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 December 2015 you have to construct or buy a house. Mere purchase of land won't give you any deduction. Also, you have option of investing upto Rs 50 lakhs under section 54EC in NHAI/REC bonds.

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