YES

Assessee can get an exemption from long term capital gains from the sale of house property by investing in up to two house properties.

You can claim in future on purchase of 2nd property.

Yes you will be saved if you invest in capital gain bonds or other avenues to save the same

Yes you will be able to get long term capital gain tax on ancestral property sold and purchasing new second flat within 2 years of selling old property.

- Under the Income Tax Act , property is regarded as a capital asset and any gains arising from its sale is taxable as Capital Gains.

- Further, if the property is held for less than three years prior to its sale, it is termed as a short-term capital asset and any gain arising from the sale is treated as a short-term capital gain.

- Further, if the property is sold after a holding period of more than three years, it is to be treated as a long-term capital asset and a gain arising from its sale is assessed as long-term capital gains

- Further as per Section 54EC of the IT Act, any capital gains arising from the transfer of a long-term capital property/asset would be exempt if the gains are invested within a period of six months in specified investments, and these investments are three-year bonds of National Highway Authority of India (NHAI) or Rural Electrification Corporation

- Further, as per Section 54EC of the IT Act, any capital gains arising from the transfer of a long-term capital asset/ property, would be exempt if the gains are invested within a period of six months in specified investments, and these investments are three-year bonds of National Highway Authority of India (NHAI) or Rural Electrification Corporation (REC). However, there is a restriction in this investment: the amount invested cannot exceed Rs 50 lakh in any financial year.

- Hence, , if will sell your house an buy a 2nd flat , then can claim exemption. 

Section 54 allowed exemption with respect to residential properties, the income from which was chargeable under the head ‘income from house property’.

2) there was no restriction in Section 54 that did not allow the exemption in case of sale of one house. Even if the assessee sells more than  than one residential property in the same year and the capital gains are invested in a new property, claim for exemption cannot be denied if other conditions under the section were fulfiled

The sale consideration amount  and the LTCG can be reinvested for purchasing a new house property to claim exemption from paying LTCG even though you already own a house jointly on your wife's name.

You can buy a property by selling the previous property. This is done to avoid capital gains tax.

Dear Sir/Madam,

You are suggested you will surely have the claim of the exemption from paying the capital gain tax.  

You can get a tax exemption either by investing the capital gains amount in capital gains bonds or by buying a residential property. 

Yes you will be able to claim capital gain tax exemption if you purchase the new property with in Two years of selling any of your property.