Provisions of Section 54 to 54F, Income Tax

[Amalendu Bhattacharjee]

Myself and my brother jointly won a residential plot of land which was gifted by our unmarried Aunt through transfer deed more than 10 yrs back. We now intend to sell the property. I intend to invest my share of the gain in purchasing a flat at another city in India. Presently we are all staying in our ancestral house jointly which is in the name of our late father - the property is yet to be transferred in our( both brothers') name. What are the scope of obtaining maximum tax exemption under Capital Gain. Incidentally all three(including aunt) of us are senior citizens. Please advice. Another point: can we, the two brothers, go for purchasing a flat each out of the entire capital gain u/s 45F to get the total tax examption benifit ?