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Sale of agricultural land

This query is : Resolved 
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(Querist)
27 August 2011 A person doesn’t possess a house in his own name. (One house in the name of his wife exists in which they resides)
The person sold his agricultural land.
sale value = 1300000
LT capital gain = 800000 (after indexing etc.)

Now:
sale value of land=1300000
homeloan = 1300000
new home purchased (selfname) = 2600000
what will happen to LTCG ???
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
27 August 2011 Entire gain would be exempt under section 54F

CA MANOJ GUPTA
JODHPUR
09828510543
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