Capital gain on open land(not agricultural land) and expmpti

is the land a long term capital asset?

if period of holding of land is more than 3 years then exemption can be claimed u/s

54EC : Invest in REC & NHAI bonds

54F  : invest in house in case you are holding only one house or none right now

You will have to first compute the long term capital gains. The portion of long term capital gains can be invested u/s 54EC or u/s 54F.

Open land in city will be taxable under the head capital gains depending upon the holding period whether it is a short term or long term capital asset

 Only Rural Agriculture Land In India is exempt from capital gains under the Income Tax Act