Long term capital gains from property sale is exempt if the proceeds are used to buy a residential property within two years or on construction of residential property within three years from the date of sale of your existing properties.
The exemption would be equal to the actual amount utilised for the purchase or construction of the residential property.
Alternatively, you can invest the money in capital gains bonds specified under Section 54EC within six months of the sale of your house. These bonds have a lock-in period of three years.
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Best 10 ELSS Mutual Funds in India for 2016
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2. Axis Tax Saver Fund
3. Religare Tax Plan
4. DSP BlackRock Tax Saver Fund
5. Franklin India TaxShield
6. ICICI Prudential Long Term Equity Fund
7. IDFC Tax Advantage (ELSS) Fund
8. Birla Sun Life Tax Relief 96
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10. Birla Sun Life Tax Plan
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