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Answers 

If I sell land under yellow belt i.e. agricultural land in urban area, can I buy - 

1 Agricultural land?

2 Flat in a residential building

3 Both?


Total Answers 1
Answer by: vishal

The exemption under Section 54B of the income Tax Act, 1961, is available in respect of capital gains arising from transfer of agricultural land. This exemption is available when capital gain arising on sale of Urban Agriculture Land (as Rule Agricultural Land is not Capital Assets) & such capital gain is used for another agriculture land.


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