Capital gains

yes if residental house purchased then take deduction

dear fazil ahmad

First of all state whether land sold is agricultural or not, if the land sold is agricultural there is no question of deduction U/s 54.

as you said you want to purchase new big house, that should be purchased within 2 years from the date of sale house property obtain the benefit of section 54, the new house bought by you should not be transferred before 3 years otherwise  the deduction previously allowed will be withdrawn.

Non-agricultural land!

AGREE WITH MR. CHAUHAN

YOU CAN CLAIN EXEMPTION OF NEW BIG HOUSE U/S 54/54F

YOU MUST HAVE TO BUY THAT HOUSE WITHIN 2 YEAR FROM THE DATE OF SALE OF PROPERTY.