Capital gains tax on sale of land

Yes the CG arising on sale of land can be invested in bonds issued by REC/NHAI.  As said by you the agmt is being made on 12th March so you have time till 11th sept to invest the CG in bonds.

However as your return filing date would be 31st July so the bonds need to be invested before31st Jul to save the CG tax.

However as you have already paid advance tax on the CG you will need to claim the refund

Dear friend, 

      Mr.giridhar's answer is absulately correct.

      In addition if u want to purchase land in next 3 year out of such sales receipt than u can get exemption u/s 54.

     For this purpose u inverst required investment amout deposit in nationalise bank .

Thanks Mr Giridhar and Mr Rajnik for bringing clarity on the query. Regards.