Under section 54F, capital gain arising out of transfer of any LT capital asset is exempt if residential House Property is purchased. If an agricultural land is sold and a Farm House is purchased, then will the farm house will be considered as a residential HP if it is purchased for residential purpose only.
Dear Kausal,
please clear first whether the agricultural land is Rural agriculture land or urban Agriculture land.
If it is Rural agricultural land, then let me tellyou section 2 excludes the rural agriculture land from the defination of capital assets and hence no capital gain arises.
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