TMI BlogCapital gain on transfer of land used for agricultural purposes not to be charged in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... transfer of a capital asset being land which, in the two years immediately preceding the date on which the transfer took place, was being used by 7 [ the assessee being an individual or his parent, or a Hindu undivided family ] for agricultural purposes 4 [ (hereinafter referred to as the original asset) ] , and the assessee has, within a period of two years after that date, purchased any ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... qual to or less than the cost of the new asset, the capital gain shall not be charged under section 45; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase, the cost shall be reduced, by the amount of the capital gain .] 5 [ (2) The amount of the capital gain which is not utilised by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be the cost of the new asset : Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the purchase of the new asset within the period specified in sub-section (1), then,- ( i ) the amount not so utilised shall be charged under section 45 as the income of the previous year in which the period of two years from the date of the transfer of the or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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