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exemption from income out of sale of agricultural land

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30 May 2009 The taxable income under the capital gain from sale of agricultural land is Rs. 47,00,000. I do not want to invest it into NABARD bonds or anything like that. What i want instead is to purchase a flat from the same income. Will this be exempted from the tax arising out of capital gain due to sale of agricultural land. I read the sec 54 f. But i fail to get a clear picyure of this case. Can u please help.If not plz suggest me another method to save the tax other than purchase of another agricultural land or Bonds. thank you.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
30 May 2009 first check it out is it a capital asset or not, see section 2(14)(3)
and if its a long term capital asset than u can claim exemption U/S 54F,
in ur case only section 54F is available.
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