New Delhi, Oct. 29 -- Selling long-term capital assets can generate a windfall but also triggers hefty capital gains tax. If you plan on selling some of your assets, you can save on tax using sections 54 and 54F of the Income Tax Act by reinvesting the funds to buy a house.

Section 54 applies if you're selling a residential property. You can claim an exemption on long-term capital gains (LTCG) tax by using the gains to buy another residential property. There is one condition: the new property must be bought less than one year before or two years after the sale, or built within three years of the sale.

Section 54F takes this a step further by allowing a tax exemption on LTCG from any other capital asset including domestic and internation...