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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