Capital gain

sale of agricultural land is exempt from capital gain as it is exempted in the capital asset definition. However if such agricultral land is in urban area then capital gains arises.

Such capital gains can be invested in similar agricutlral land for claiming exemption. However in my opinion you need to hold the asset for 3 years. If for any reason you are not able to hold the asset then the exemption cannot be claimed and it becomes capital gains in the year in which the asset is not in control of the assessee.

In depth analysis is required, i have stated only what i can remember