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Capital gain

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(Querist)
21 January 2015 sir, I am planning to sell a plot within 7 days which was purchased in 1987 at Rs. 34000/- . sale consideration now is around 7 lacs. some small repairs has been done of around Rs. 5000 in 2001. my queries are- 1. how much will be tax liability and how to save it. I have no plan to construct or purchase a new residential house.pls suggest some other ways. and 2. is it necessary to show this as capital gain in current year or we can show after claiming exemption in next year. any extra advice will be welcomed. thanks
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Amol S Joglekar

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Amol S Joglekar (Expert)
22 January 2015 you can opt for 54F exemption by investing in new residential house or you can invest in bonds as per 54EC
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