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capital gain

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(Querist)
03 July 2010 If an agriculture land is sold and new rural agricultural land is purchased within 2 yrs.What will be the consequence, if he sells the rural agri land within 3 yrs.As there will be no capital gain from tranfer of such land.So, how can we deduct the amt which was exempt earlier from the cost of aquisation.
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CMA. Dinesh S Adhikari, ACMA

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CMA. Dinesh S Adhikari, ACMA (Expert)
09 July 2010 There will not be any capital gain as well as not forefeit of of earlier claimed exemption.

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