Long term capital gains

U/s 54, Any Long Term Capital Gain, arising to an Individual or HUF, from the Sale of a Residential Property (whether Self-Occupied or on Rent) shall be exempt to the extent such capital gains is invested in the
1)Purchase of another Residential Property within 1 year before or 2 years after the due date of transfer of the Property sold and/or
2)Construction of Residential house Property within a period of 3 years from the date of transfer/sale of property.
Provided that the new Residential House Property purchased or constructed is not transferred within a period of 3 years from the date of acquisition.
Capital Gains shall be exempt to the extent it is invested in the purchase and/or construction of another house i.e.
i)If the entire amount is equal to or less than the cost of the new house, then the entire capital gain shall be exempt
ii)If the amount of Capital Gain is greater than the cost of the new house, then the cost of the new house shall be allowed as an exemption

Further, if you are unable to purchase the house within 31st July 2016, then you can open capital gain deposit account in the bank and utilize the same for the purpose of purchase or construction within the time limit as specified above by Harshal