Dear All respected Sir's
We were having ancestor property i.e agricultural land and we sold the same to other party after converting it to NA as it was the requirement of the purchaser.but now we have came to know that we will have to pay Long term capital gain tax on the amt received by such sale.
Now my question is as below
1, Is there any way to save long term capital tax, i.e by invetsting in purchase of bungalow or agriculture land etc.
2, how to calculate the tax
3,what amt to be invested to save tax.
4,I have received cheque on my name direct from purchaser though in the 7/12 of land my name was not there as my father name was there and he is alive.whether i have to pay capital gain tax.