Ltcg tax on property sale

Dear All,

We have an ancestral land at my home town, we are planning to sell part of the land. I had few questions with respect to the transaction on the LTCG that shall be applicable

Case- The part of the land that we are teying to sell is worth around 2 crores. This property was build by my grandfather and then post his demise my grand mother and now my mother is the owner. This is a piece of land and not a residential house.

Question 1 - we intend to take an advance on 1.5 crores as advance or the sale of the land in FY 14-15 and based on the calculation should be able to close th deal by Fy 15-16....... will we have to pay any tax on the advance that we are collecting ?

QUestion 2- Sale of land comes under Section 54F - how is this section different from Section 54 and what are the addtionial restriction that we have with respect to saving taxes.

Question 3- can i buy both NHAI Bonds (Section 54EC) and Residential flat in order to reduce my tax liability?

Question 4 - Post completion of 3 years in the new property that i buy.... will i be able to sell the same? In case of land will i be able to buy a property between 1- 3 years?

Question5 - My Mother will be the owner of the property, Can i also take a fresh home loan and add on the money to buy a bigger house ?

Look forward to some quick replies as i need to close the matter asap. Thanks in advance.