Treatment for short term capital gains on sale of resdenital

Hi All,

I have a query on treatment of short term capital gains on the sale of resdential property. For the difference of the cost price and the selling price after taking into indexation benfits there is a proift and on that as per law it has to be treated as short term captial gains. 

Now the question is do i need to pay the short term capital gains if i purchase another resdenital property in the same year of sale?  If not can i invest the same in some government bonds for a stipulated period and save tax on it? Advise which is the best way of going about. 

Thanks in advance.

Regards

Mallikarjuna Gupta