Query about LTCG

if it is an agricultural land no capital gains if not it is a long term capital gain 

Computation of capital gain

Sale  of land   55 lacs

less expenses on transfer nil

less indexed cost of acquistion =30 lacs*1125/785=4299363

capital gains   =1200637

long term capital gains @ 20% on 1200637=240127

LTCG is exempt u/s 10(38) if the assets are shares or equity oriented mutual funds on which STT is paid 

yes you can ivest the capital gain either in capital gain account scheme  before filing the return or 54 EC Bonds within 6 months  but you need to buy another asset to get the capital gains tax as exempt before  the lock in period expires