Sale of agriculture land & exemption u/s 54b

The new land purchased must be agricultural land in revenue record, be it in rural or municipal area...... but should be within India.....

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 a HUF. The land should be used for agricultural purpose at least for two years.