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Urgent- long term capital gain query

This query is : Resolved 
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(Querist)
23 December 2011 I have sold a 1000 sq. yards land and have a long term capital gains on that. Now my query is that

1. If I purchase another 1000sq. yards "LAND" only, will I get exemption from Income Tax on such Capital Gains u/s 54F?

2. or should I purchase a "HOUSE" only to get such an exemption ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
22 May 2012 Exemption is available only if residential house property is purchased.

It is not available if land is purchased. However, if you plan to construct a residential house property on the land, then the exemption will be available.
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