Sale of Agriculture Land

It is a capital asset and any capital gain thereof is taxable.

It is a capital asset .

However Exemption under section 54B can be claimed in respect of capital gains arising on transfer of capital asset, being agricultural land (may be long-term or short-term).

This benefit is available only to an individual or HUF.
The land should be used for agricultural purpose for at least two years.

If all the conditions of section 54B are satisfied then you can claim the benefit of section 54B by purchasing another agricultural land within the time-limit specified under section 54B.