Long term capital gain tax

rajesh (Others) (69 Points)

15 December 2014  

Dear all , 

I have a query under long term capital gain due to sale of non agriculture land .

I have one flat and two non agriculture land on my Name .

Both the land I am holding from last 20 years

I have sold one land and planning to invest it in  property .

My Query is

1) can I avail long term capital gain Tax .

2) do I need to invest in new house only if I have to save long term capital gain .

3) can I invest in already constructed old house and save the tax

4) As per 54F , the property owner can invest in new house if assesse does not own more than residential house property . My Query is whether land also comes under residential house property .

 

Kindly Let me know for more details

Thanks

Rajesh