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Ontology has become the buzzword of the knowledge and semantics community. The process of automatically constructing an ontology with completeness and reduced time has become the need of the hour. This paper presents the method for automatically constructing an ontology for any domain based on the Indian philosophical system, the Nyaya Sastra. Nyaya defines the whole world from atom to universe. This categorisation provided by Nyaya acts as the framework for extracting ontological relations from documents obtained from the web. With Nyaya and Natural Language Processing (NLP) techniques, an improved and enriched knowledge can be obtained from web documents. This paper explains the way of constructing an ontology (i.e., extracting taxonomical and nontaxonomical relations) using Nyaya in detail. The extracted knowledge includes concepts, relations and qualities pertaining to a concept. A Semi-Supervised Learning (SSL) technique for learning Nyaya categories is also explained.