• Tax on sale of land

My question is on long term capital gain . how to save it? 

I have a 3380 square metre land . i am doing agricultural activities from last 20 years. the land lies withing 2 km aerial distance of our muncipality . our muncipality has a population of over ten thousand ... so i know that the sale of this land attracts tax.
Now telling further i bought this land for two thousand ruppess 20 years ago . what i mean to say is any indexation applied doesnot make much difference to the tax value . so indexation is of no use in my case .

Now i tell u the way in which i am planning to sell my land .i have made agreement with the parties .and all deeds will be registered by the end of this month .

Out of 3380 metre 

1) 2330 metre land is sold as agricultural land . the cirle value of which is 26 lakh 50 thousand.and the sale deed will be made at the circle rate only .

2) remaining 1150 metre is sold in 3 plots of 375 metre each ....each plot sale value is 23 lakh . so the sale deed will me made at 23 lakh that is the circle rate .

So the total value is 26 + 3×23 = 96 lakhs

This is the circle value and it is near about the same value at which i have sold.

At present i have one house at my name . 

Now i have read that the sale value can be reinvested in a residential house to save tax. now i want to ask some questions 

1) can i invest the whole money i recieved that is 26 lakh from agricultural and 69 lakh from plots in a single residential house of 95 lakh to save the tax.

2) if i cannot do like i mentioned in point 1. like i cannot combine agricultural and plot value .. can i invest 69 lakh which i recieved from sale of 3 plots in a residential house and pay tax on the value of agricutural sale .

3) if i cannot invest like in both 1and 2 . it clearly means that i can only invest either 26 lakh from agricultural sale or 23 lakh from any one plot sale and on rest of the sale value i have to pay tax . 

If point 3 is true can i do onething i sell the agricultural land from my name ... and then transfer remaining 1150 metre to the name of my 3 son .....and then my 3 son sell that to the party and then each of them buy a flat of 23 lakh each to save the tax ... none of my sons have any land registered to them.
 
Now one more thing if i sell the land this febrary . i know the money is to be invested in 2 years from the date of sale . till then it has to be kept in bank . i will take me some 3-4 months to buy the new house . have i deposit the money in bank this march because the fiscal year is from april to march . or there is no need to deposit?