• How to avoid Capital Gain Tax

Sir/Mam,

I had a kind of Land deal (Purchased a land and after construction of apartments on the said land, Builder has to give me an apartment or 3 times the land value after 5 years in from of selling the land to the builder.)Now 5 years is about to complete and i want my money back because due to some environmental issue apartments could not be constructed.

I want to utilize my money, to construct our second floor independent house(home) but the land & building is on my Father's name as of now where my parents are residing presently. I am the only son and sisters are married. Can i avoid Capital gain tax in this scenario ? If not how to avoid capital gain Tax in this scenario ?

Also i have the plan to purchase a flat now in Hyderabad where i am working currently. Suppose if i book a flat and take the home loan and latter pay a lump-sump amount which i will get it by selling the land , Can this way Capital gain Tax avoided ?

Considering the above two options which one will be better to avoid the Capital gain Tax ? My preference is to construct the first floor in my home town using the capital gain money and purchase a flat by Bank loan in work location.Please help and guide me which one will be the best option or what the other ways i have to follow to avoid the Tax.

Regards,
Trailokya Nath Biswal