Whether a sale of longterm capital asset (i.e a residential land) and purchase of an agri land with farm house be elgible for exemption under Section 54. The assessee will use the farm house for his residential purpose through out the year.
A land can be agricultural land or non agricultural land, it can never be a residential land. Sec 54. is applicable only in the case of sale of residential house property and not in the case of sale of isolated piece of land. Hence benefit of Sec. 54 can be taken in this case.
However you may look for the provisions of Sec. 54 F.
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