Exemption from payment of income tax

To gain tax exemption from income form sale of property, you should purchase a property or u should invest in "capital gains deposit account scheme". you should purchase or construct a property with in 3 years. if not it will subject to long term capital gain tax after three yaers.for example your receipt from sale of original asset is Rs.50 lakhs, If u invest 30lacs in purchase of new house property   and invested in construction for Rs.15 lacs means remaining 5 lacs will b treated as long term capital gain.(if it is unutilised till the end of third year, it will be  taxable at 20%)