We have sold an industrial leasehold property based in Urban Area of Basni Jodhpur Rajasthan in October 2020 with land building plant and machinery. The property was originally purchased on 23-02-1993. The unit was engaged in Textile Printing Processing activity.
We are looking at buying an agriculture property located 8.7 Kms (computed via straight line method) from the municipal office This agriculture property is in the process of obtaining a Lease with use as "Warehouse". This property once having obtained Warehouse Lease permission will be let out to a corporate entity.
Can we avail exemption of capital gain under section 54G by buying this agriculture / warehouse lease property against selling of industrial property which was engaged in textile printing processing activity.
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