Sir,
I would like to know that if Karta of (HUF) purchased a Agricultural Land in June-2007 for Rs. 17 Lac & Sale the Land in Apr-2012 for Rs. 40 Lac. The Land is situated at 6 KM from city limit. He has also 7/12 as agricultural income. If Karta invest the profit amount i.e. 23 Lac to purchase other agricultural land. The amount of profit taxable or he will get exemption under section 54 B?
yes, if new agricultural land is to be used for agricultural purpose for 2 yrs after transfer
yes you can get the benefit...
Source: https://www.indiantaxupdates.com/2012/12/31/brief-note-on-taxability-of-capital-gains/
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