Sir,we are three brothers & after the death of our father in 1995,our ancestral agriculture land in Rural village in Delhi was transferred in our joint names in revenue records.Now we have sold the said land in October 2006 @ Rs50 lacs per acre & received Rs 60 lacs perhead by a/c payee cheques in our respective names.The rates of agriculture land in Delhi was Rs4.65 lacs per acre in 1995 as per govt notification which is increased to more than Rs 30 lacs presently.We could not purchase any suitable land till date & most of our sale proceeds are lying in our saving accounts.Kindly guide us about the best option we have for investment for tax saving purpose.Is there any capital gain burdon on us from the said sale proceeds & if yes how to tacle this problem.Thanks
