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Cap Gains Reinvestment

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22 May 2009 (1) can the long term capital gains arising from sale of agricultural land has to be invested only in another agricultural land or can it be invested in residential property also?

(2)is exemption available on investment of long term cap gains, arising from sale of a commercial establishment, in another commercial establishment..
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Manikanta Raju CA,CWA,(CS)

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Manikanta Raju CA,CWA,(CS) (Expert)
23 May 2009 Dear Rohit,
1)there is no taxation of capital gain in case the asset tranfered is rural agricultural land, where as the case of transfer of urban agricultural land you can claim exemption u/s 54B by investing the capital gains on transfer in agricultural land or you can get exemption u/s 54EC by investing long term capital gains in bonds redeemable after 3 years issued on or after 01.04.2007 by NHAI or RECL, such investments will not be eligible for deduction u/s 80G, the maximum exemption available under this section is 50 Lakhs nor he can claim exemption u/s54F
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