Dear Sir,
The entire capital gain will be exempt from tax provided it has been invested completely in the purchase of new residential house property. Time limit to purchase new residential house property is 2 years from the date of sale of residential house property. If you would be unable to purchase it till the date of filing of ITR, please deposit the amount in Capital gain deposit scheme account with banks otherwise your entire capital gain would be taxable. Utilize the capital gain for purchase of residential house property.
At the time of gift also it would be exempt from tax as it is a gift to relative provided you maintained all the documents properly with yourself and complied with all formalities of transfer of house property.
Thanks