Want to sell my ancestral land

Dear Client,
To claim a tax rebate under Section 54 of the Income Tax Act, capital gains arising out of the sale of an immovable property have to be reinvested to buy another residential house. The new residential house property should be purchased either one year before the date of capital gain or two years after the date of capital gain. In the case of constructing a new house, the individual is given an extended time period to construct a house, i.e., within three years from the date of receipt of capital gains from immovable property. Section 54EC of the Act addresses the exemption from long-term capital gains on the sale of a land or buildings if the proceeds are reinvested in designated and instruments. The bonds must be purchased within six months following the asset's sale. The maximum amount that can be invested in this manner is Rs. 50 lakhs. . Income Tax is a branch of law or legislation that eventually comes under the purview of Chartered Accountants and Tax Consultants who have expertise and in-depth knowledge on the subject and may guide you properly to understand and navigate the issue in the right way. So, it is recommended to consult with the expert professionals for precise and authentic information/clarifications on the subject.