NEW TAX RULE – Budget 2017

Sir, My father and myself jointly purchased a land in April, 2015 in my name. At present he needs money and he wants to sell the land in coming may, 2017. I want to know as per the new tax rule (announced in this budget) if any capital gain will generate then will it comes under stcg or ltcg? I have a information that if the gain will comes under stcg and if I invest the gain amount in national highway bond then I can get a exemption. Is this right? I have no income tax file right now because my annual income is 2.47l . For this purpose should I create it? Please guide me.