capital gain

pradnya (proprietor) (91 Points)

12 January 2010  

dear all

i have purchased land in 1996 for 3 lakh
and constructed a building  in 2009 for 150 lakh
and wanted to sell the land + building for 250 lakhs
current market rate for land in that place is around 50 lakhs

pl guide me for following
what will be the long term capital gain part
and what will be the short term capital gain part
whether i need to sell the land and structure separately ( i.e. with two separate agreements )
how to invest the same to save the tax?

tnx
pradnya