Tax on sale of asset sold by regd firm

hi friends kindly help me out with my query for sale of open land which is five years old  belonging to regd firm  . no construction activity has been done , there were tenents which were compensated and rehabilited and also what are tax implication arises from it and how can we save tax if there is any way  to save. should we straight away pay tax on profit .can we give compensation on any loans recd for the particular land .  plz help.