Section 54B provides exemption on capital gains from transfer of agricultural land used for cultivation by the taxpayer or parents, if another agricultural land is purchased within the prescribed period.
Key conditions
- Land must qualify as agricultural land under the Act
- Purchase new land within two years of sale (verify rules)
- Deposit in Capital Gains Account Scheme if deadline is near
- Report in Schedule CG in ITR
Read agricultural income guide, capital gains overview, and capital gains filing.
