Capital gain rollover for agricultural land: replacement purchase defers or reduces immediate taxable gain under prescribed conditions.

A new provision exempts immediate charging of capital gain on sale of agricultural land when the assessee or a parent had used the land for agriculture and the assessee buys replacement agricultural land within a prescribed period; if the gain exceeds the replacement cost the excess is charged and the replacement asset's cost is treated as nil for computing gain on its sale within a short subsequent period, whereas if the gain is equal to or less than the replacement cost the gain is not charged and the replacement asset's cost is reduced by that gain for such subsequent computation.

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